What is causing the spike in Bitcoin value October 2015?

[btc02]

I'ce noticed that Bitcoin is up over 25% in under a month.  What economic reason is there for the sudden spike?

[winguard]

Chinese are buying in large quantities . Their officials unofficially ease out on strict rules against cryptocurrency.

[aakashsangwan]

Chinese are buying in large quantities . Their officials ease out on strict rules on bitcoin.

more over india is also taking steps in bitcoin to regularise and change its positon. as per the current view in the month november mid the price of bitcoin will be 400+ usd.

[ebliever]

Chinese are buying in large quantities . Their officials ease out on strict rules on bitcoin.

more over india is also taking steps in bitcoin to regularise and change its positon. as per the current view in the month november mid the price of bitcoin will be 400+ usd.

Do you have any links or sources for that?

China is the main driver at this point, and I don't really expect that to change given the amount of money now in the Chinese economy. The European Union ruling of bitcoin as a currency is an added bonus.

[winguard]

Chinese are buying in large quantities . Their officials ease out on strict rules on bitcoin.

more over india is also taking steps in bitcoin to regularise and change its positon. as per the current view in the month november mid the price of bitcoin will be 400+ usd.

Do you have any links or sources for that?

China is the main driver at this point, and I don't really expect that to change given the amount of money now in the Chinese economy. The European Union ruling of bitcoin as a currency is an added bonus.

http://cointelegraph.com/news/115435/china-unofficially-authorizes-bitcoin-price-turns-bullish  I just read these from another thread.

[Raimonn]

There is more than one point to cause the bitcoin climbing prices. More interest in big economies like China the chinese exchanges are trading a lot of volume of bitcoins lasts days, also a better regulation on europe. And the interest showed by big companies on blockchain opportunities.

[Timeline]

There is more than one point to cause the bitcoin climbing prices. More interest in big economies like China the chinese exchanges are trading a lot of volume of bitcoins lasts days, also a better regulation on europe. And the interest showed by big companies on blockchain opportunities.

Yes these are the factors imo driving the price up. Now the interesting question is how high will it go and what will be the new floor.

[bri912678]

There is more than one point to cause the bitcoin climbing prices. More interest in big economies like China the chinese exchanges are trading a lot of volume of bitcoins lasts days, also a better regulation on europe. And the interest showed by big companies on blockchain opportunities.

Yes these are the factors imo driving the price up. Now the interesting question is how high will it go and what will be the new floor.

The price has been past 300 three times this year before this rally. If it can go above 350 and stay there for a month I'll be convinced we started another long term uptrend. Three times this year the price has disappointed me and sunk back down to 200, so I'm not assuming it can't go back down until it goes over 350 this time.

[gentlemand]

This rise may not be THE rise but I think its more meaningful than anything else that's happened this year. As for what's causing it, I ain't got a clue but I think we're a long long way from real world events having a proper effect. It does affect sentiment which is more important anyway, but I find it hard to believe there are thousands of Chinese folks desperately using it to evade capital controls. I really hope it's not related to the mmm ponzi.

[maokoto]

Also the news about Bitcoin being considered a currency in EU may play a role. There are several good news that might explain the raise somehow.

Perhaps an anticipation of the halving too?

[tiggytomb]

Also the news about Bitcoin being considered a currency in EU may play a role. There are several good news that might explain the raise somehow.

Perhaps an anticipation of the halving too?

I agree, the EU currency recognition along with China and the ongoing interest from large companies about the blockchain I would say all are contributing to this price rise, and the halving.  Or maybe it's just Santa Claus stocking up to deliver BTC to all the good kids around the world 

[Mickeyb]

Many positive news actually in the last 2 weeks! EU rulling that Bitcoin is a currency. Many Chinese rumors like the one that people are avoiding capital controls or even that Chinese officials are investing into Bitcoin.

Then of course Gemini exchange opening as well. This movement started just after the opening. Maybe even the upcoming halving that people are eagerly awaiting.

[gentlemand]

The ransom paid by the family of that Hongkongese businessman may have also contributed. They bought more than 1M USD worth of BTC.

$1 million isn't to be sniffed at at all, but spread across all the exchanges and the daily volume that's a juicy but relatively insignificant blip.

[Minecache]

Not thought much about this before but it really is in the interests of governments around the world to start buying up and holding btc as those governments that hold the most may end up in a very advantageous position should Bitcoin succeeed.

[neurotypical]

There is a great Zerohedge article about how the chinese are seeing Bitcoin as the salvation to move money quick outside of their frontiers with the ease of a click. Gold tens to show up on x-rays so it's useless. Cash will show up as well, stocks require identification and just don't cut it.. for the first time ever we can move money worldwide through the internet without any credentials. This is just insane and makes Bitcoin cheap at anything under 1 million dollars. I don't care if people call me insane.

[eatmyshorts1]

There is a great Zerohedge article about how the chinese are seeing Bitcoin as the salvation to move money quick outside of their frontiers with the ease of a click. Gold tens to show up on x-rays so it's useless. Cash will show up as well, stocks require identification and just don't cut it.. for the first time ever we can move money worldwide through the internet without any credentials. This is just insane and makes Bitcoin cheap at anything under 1 million dollars. I don't care if people call me insane.

Bingo - capital flight: www.sovereignman.com/trends/chinas-communist-party-bans-golf-18166/

"Chinese stocks saw a major collapse several months ago, and we may see a major crisis in the banking sector very soon. Local Chinese with any real savings have been scrambling for months to move their money offshore. And this ‘capital flight’ is reaching epic levels. In August alone, $141 billion was sucked out of China. That’s more than the entire GDP of Nevada or Ukraine."

Gentlemen? <- Am I doing it right?

[Biodom]

Apparently, in Shanghai free zone capital controls will be relaxed soon as an experiment and will be relaxed in the whole country by 2020.
i think this is done to justify addition of RMB to world reserve currencies basket.
Oh, my, real estate in Cali, NY, London and canadian vancouver will go absolutely crazy (or even more so than before).
bitcoin will also benefit, but very little in cash flow terms at least, but it was so depressed for so long that these small flows might still result in largish price moves.

[jaberwock]

late pump by Gemini

Chinese buying, but no way to know if there is no manipulation

Stock markets and other markets going nowhere but down

[ronald98]

The ransom paid by the family of that Hongkongese businessman may have also contributed. They bought more than 1M USD worth of BTC.
This price rise is nice for all of us (I guess), but, goddamn, will never bitcoin price stabilize?, it is hurting wide adoption, in my opinion.

In the altcoin trading markets if people see big altcoin buys they join in and start buying too. For every dollar that family spent on Bitcoin there could have been another ten dollars spent by speculators following. Pumpers use that principle to pump a coin. They know if they keep buying for long enough that the speculators will join in, then they stop buying and dump on the speculators when the price is high enough.

[dothebeats]

late pump by Gemini

Chinese buying, but no way to know if there is no manipulation

Stock markets and other markets going nowhere but down

But while we are at it, it's great to profit off of these markets and have a good time. Sooner or later, the markets will correct and the rise will come down to a halt. With fake volumes and more blind buyers coming into the market with false hopes that this thing will make them rich, there sure is a lot of money to be made with these fool people's money.