Bitcoin Forum

The reason behind sudden bitcoin price jump is enormous demand from China.
The Chinese have $30 trillions worth of deposits but they are afraid of devaluation of
their currency so they looking for ways to keep their savings secure.
source (http://www.zerohedge.com/news/2016-05-28/bitcoin-soaring-unprecedented-burst-chinese-buying)

no, not related to china..
the first poke in the ribs was a ethereum sell off that happened yesterday and then 3 hours later bitcoin went into a buying binge..
which sparked the bitcoin speculation.

in short china didnt trigger it.. ethereum sell off did.

but its only a 10% price movement. so dont get too excited just yet

I don't think that zerohedge can be a reliable source for this. They've been pandering to an audience that would like to believe that a total economic collapse is just around the corner, no wonder they're bullish on bitcoin all the time. I think it's price manipulation other than anything else as we're seeing ridiculously large buy wall transactions take place, perhaps the market will follow this time instead of letting the price drop shortly after.

10% is still quite alot. Even a small rise can trigger more buying. But that will lead to a bubble. IMO the worst thing that can happen right now is a bubble building. We don't need that during the halving.

Is there some kind of new "investment" scheme in China that is driving up demand? In the past there was this MMM craze.

MMM didn't move the price this much, highly doubt it was something similar. I sure do hope it isn't something similar, weather all this buying has been from China or elsewhere ::)

Ya think?  I'm thinking it just might be a little of both.  Who knows.  One thing I hate about financial news is how journalists always try to pin a reason for every price move in the market, even when that reason is far-fetched. 

I do think bitcoin is a much bigger market than ETH, and it would take a lot more to move bitcoin than a selloff from ETH would generate.  Nevertheless, I'm happy with what's going on so far.

This is actually very much true.

because bitcoin block is probably halving, that's probably why the bitcoin price soars, just like pump. note that might not last long. :P

main-while bitcoin still has a global market cap of 8 billion.

yeah, we have a long way to go.

we still need an increase of say 10000x to be worth anything on a global scale.

If it was capital flight from China, the move would have happened several months ago.

IMO this is the halvening pump. We saw something similar just before Litecoin had it's halvening (though that pump ran out of steam as the momentum traders took profits).

Perhaps there is a media hype over bitcoins in the china media. Something must be driving up demand.

I saw the price of $519 earlier. I was stunned. Regretted not buying more when it was at $440.

And the Lite coin price pump has stopped and it is turning south.

Eth, Lisk and  now LTC?

Yes capital injection is coming from somewhere

also if more people are buying the exchanges will

like to raise the price ;)

i don't agree with this at all.
because i have been hearing the same exact thing and also similar reason for a very long time (about people being afraid of the devaluation of their currency) but there has never been any change in bitcoin price, also i don't like the source!

also i agree with franky1 on eth dump, the recent pump let the investors to have a lot more money in a short time, money which is now coming back to bitcoin.

I think this is not a logical explanation to this sudden rally, because if Chinese investors were really interested in diversify their capitals, this massive acquisition of bitcoins might have occurred gradually or even in previous days, not necessarily at this precise moment.

This rather clearly IS being driven by China. Go to Coinmarketcap, click on Bitcoin, and then select the markets tab:

http://coinmarketcap.com/currencies/bitcoin/#markets

Now take a look at the major non-Chinese exchanges (say the Top 10 of the list). Chinese exchanges are 0-fee, so they are excluded from the top of the list - you'll find them at the bottom. At the moment the Chinese exchanges are running $50 above the non-China exchanges. Redditors are saying that was $70 a few hours ago. So there is apparently crazy demand for bitcoin on the Chinese exchanges, and that is pulling up the price everywhere else.

If you know how to slip across the border with (lots of) Chinese fiat or bitcoins, you could make a killing right now.

Hold your horses and watch. Just watch. Bitcoin's going to hit a 9b market cap just as the halving comes. IMO I'm expecting a price spike, then a market correction. Maybe an exchange might scam if the price spikes, too.

I don't think this BTC pump is being cause by Ethereum sell off. ETH price dipped a little but that was to be expected and people aren't exactly dumping their coins. If you look at the charts, ETH is already picking up again with +13%. In any case I don't think the ETH price dip is enough to account for what's going on with Bitcoin.

thats because you still hope it will drop  ;D

don't you think this is because those who invested to DAO move to btc?

Why should DAO investors shift their attention to BTC?

your problem is that you think there is such thing called "DAO investors!" becasue there is not.
there is only bitcoin investors who are putting some money on DAO or any other altcoin for that matter and sell on top to buy more bitcoin after.

I get what you meant. The final product investors want to get is not alt-currency but a gain in bitcoins. That is their ultimate goal.

this is interesting but this is not a new thing.

there was actually a topic about this in the bitcoin discussion section claiming that all the bitcoin daily volume is from China and wanted to conclude bitcoin is being controlled by Chinese, blah blah...

Chinese have always been in bitcoin and pumping it, and also this is nothing new that the price on their exchangers are higher and this is mostly because of converting their money to USD when comparing the price.

The Chinese people are known to splurge on foreign properties and they are well known for buying multi-million worth of properties using cash. They are known to bring up property prices in certain districts. They tend to be cash rich and often looking for good investments.

Looks like they set sights on bitcoins.

Chinese people are definitely a big part of bitcoin markets. If Chinese miners decide to dump their coins, obviously the price price will drop very dramitacally. But vice versa, if they decide to pump, it can have a huge effect as well.

This could be a good thing and a bad thing. For the Chinese, it's a great way to preserve their wealth.

I think that it is more the halving rally which is coming. Maybe also an effet of the Euro 2016 with people wanting to bet without restriction, or money laundering thank to that event.

For those having doubts about zero hedge (http://www.zerohedge.com/) credibility here is another source (http://www.wsj.com/articles/china-buying-sparks-bitcoin-surge-1464608221) of complete different angle
on economic matters also confirming my OP.