Let's stay together my fellow bears, not even the most irrational bull still believes in this madness:
Yesterday (Sunday) the price in China went from 3000 to 4000 in 12hs, today we almost reached 5000.
And MtGox and Bitstamp are blindly following BTCChina.
The current situation is ridiculous and everybody here knows it...
Can anyone mention just ONE good reason to explain this price? well, no, because there is no reason for this delusional rally. Actually the only reason for this rally is the rally itself: people are buying only and only because they see other people buying and the price is going up like crazy!
So what happened over the last month in Bitcoin:
- Jiasule, a Baidu division, started accepting bitcoins
- Silkroad seized
- "First" Bitcoin ATM
- Bitmit (the only eBay-like website for btcs) went bankrupt
The Baidu thing is just hilarious, and the story about those news bitcoins ATM in Canada is almost irrelevant since BitInstant is still (and forever?) down.
But now we have the US Senate hearing, is this going to change anything? I don't think so, but let's see...