This rally cannot be due to Black Friday. The big surge in volume is in the Chinese exchanges, especially Huobi and OKCoin. Since September, these two have seen an unprecedented surge in volume. Just in the last 3 days, Huobi's volume was 3.5 M BTC, about 10x the maximum volume seen anytime before Septermber,
My guess for the cause of the rally is still Mainland Chinese non-bitcoiners buying bitcoin to use in the MMM ponzi.
do you have any idea how much money china plans on dumping into various ponzis?
Black Friday is an event, poeple log into there wallets, maybe buy a few bitcoins maybe sell and then buy and then buy a gift?
it most definitely has an effect on traders psychology too
market gose up, who would of thought.
That's my take on it too.
They buy a bunch of bit-coins, then buy some hotel reservations they've been putting off making from Destinia, a few honeys from Bees Brothers, some soaps from imaginatively-named Bitsoaps (careful, don't drop!), a bunch of domain names they've been hankerin' for from Namecheap, and tomorrow (or perhaps Monday) all those coins will hit the market.
Exciting, heady times, gentlemen!
Source:
http://www.coindesk.com/spend-bitcoin-black-friday/
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