Bitcoin (BTC/USD) on Wednesday had its strangest trading day in 2015, perhaps in years, when it swung by 20% in either direction in a matter of hours.
Wednesday was unique from the half dozen or so flash crashes we’ve seen over the past two years. This was a rare occasion when the drama happened on the upside, and where so much of it transpired over a 24 hour period.
When all was said and done, bitcoin gravitated back to $400, the plateau from where its rise accelerated and where its current trading range is centered.
Note, however, that on the major Chinese exchanges (Huobi, BTCC and OKCoin), bitcoin continues to trade at an extravagant premium to elsewhere. Currently at 2620 CNY ($414), the “China premium” is now roughly 6.5% higher than the $380 mark on USD exchanges. Similar premiums were experienced during the most intense periods of the bubble, a phenomenon suggesting that Chinese traders were pulling the market higher.
http://www.financemagnates.com/cryptocurrency/trading/were-chinese-traders-flocking-to-mmm-ponzi-responsible-for-bitcoin-bubble/
