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Title: Surge of bitcoin price Post by: chiajw1 on November 04, 2015, 06:55:11 AM Lately the bitcoin price surge from 200+usd to 440 usd. Why the price of BTCitcoin is currently trending upwards? Can anybody explain it ??
Title: Re: Surge of bitcoin price Post by: NUFCrichard on November 04, 2015, 07:29:57 AM A few weeks ago people would be willing to sell at $220 for 1BTC, whereas now people won't sell for $220, they want $430+ per bitcoin.
More buyers, fewer sellers would be my guess. Title: Re: Surge of bitcoin price Post by: freedomno1 on November 04, 2015, 07:34:45 AM Various reasons VAT free in Europe, increased volume in Brazil, Gemini, increased PR of Bitcoin and the Blockchain.
Some news on large capital investments in the Bitcoin related sphere through venture capital and perhaps a coincidental Chinese Ponzi. But in essence this is also known as sentiment. Title: Re: Surge of bitcoin price Post by: Nagle on November 04, 2015, 07:49:38 AM It's now possible to buy Bitcoin in China by direct money transfer in yuan to an exchange in China. So Bitcoin is now a way to get money out of China in large amounts. (It beats carrying suitcases of money to Hong Kong.) This is happening. (http://www.zerohedge.com/news/2015-11-02/reason-bitcoins-recent-surge-revealed)
China still has exchange controls, and the People's Bank of China may clamp down at any time. So there's a rush to get out before it's too late, and before the expected devaluation of the yuan. This seems to be the cause of frantic buying of Bitcoin. If the PBC cracks down, Bitcoin crashes again. (If the PBC goes the other way and eliminates capital controls, Bitcoin becomes unnecessary.) So, like last time, this is probably temporary. |