Bitcoin Is Soaring On Unprecedented Burst In Chinese Buying

[dex1]

The reason behind sudden bitcoin price jump is enormous demand from China.
The Chinese have $30 trillions worth of deposits but they are afraid of devaluation of
their currency so they looking for ways to keep their savings secure.
source

[franky1]

no, not related to china..
the first poke in the ribs was a ethereum sell off that happened yesterday and then 3 hours later bitcoin went into a buying binge..
which sparked the bitcoin speculation.

in short china didnt trigger it.. ethereum sell off did.

but its only a 10% price movement. so dont get too excited just yet

[alani123]

I don't think that zerohedge can be a reliable source for this. They've been pandering to an audience that would like to believe that a total economic collapse is just around the corner, no wonder they're bullish on bitcoin all the time. I think it's price manipulation other than anything else as we're seeing ridiculously large buy wall transactions take place, perhaps the market will follow this time instead of letting the price drop shortly after.

[Monnt]

no, not related to china..
the first poke in the ribs was a ethereum sell off that happened yesterday and then 3 hours later bitcoin went into a buying binge..
which sparked the bitcoin speculation.

in short china didnt trigger it.. ethereum sell off did.

but its only a 10% price movement. so dont get too excited just yet

10% is still quite alot. Even a small rise can trigger more buying. But that will lead to a bubble. IMO the worst thing that can happen right now is a bubble building. We don't need that during the halving.

[sbtctalk]

Is there some kind of new "investment" scheme in China that is driving up demand? In the past there was this MMM craze.

[unamis76]

Is there some kind of new "investment" scheme in China that is driving up demand? In the past there was this MMM craze.

MMM didn't move the price this much, highly doubt it was something similar. I sure do hope it isn't something similar, weather all this buying has been from China or elsewhere

[The Sceptical Chymist]

no, not related to china..
the first poke in the ribs was a ethereum sell off that happened yesterday and then 3 hours later bitcoin went into a buying binge..
which sparked the bitcoin speculation.

in short china didnt trigger it.. ethereum sell off did.

but its only a 10% price movement. so dont get too excited just yet

Ya think?  I'm thinking it just might be a little of both.  Who knows.  One thing I hate about financial news is how journalists always try to pin a reason for every price move in the market, even when that reason is far-fetched. 

I do think bitcoin is a much bigger market than ETH, and it would take a lot more to move bitcoin than a selloff from ETH would generate.  Nevertheless, I'm happy with what's going on so far.

[nakedbitcoins]

The reason behind sudden bitcoin price jump is enormous demand from China.
The Chinese have $30 trillions worth of deposits but they are afraid of devaluation of
their currency so they looking for ways to keep their savings secure.
source

This is actually very much true.

[lottery248]

Is there some kind of new "investment" scheme in China that is driving up demand? In the past there was this MMM craze.

MMM didn't move the price this much, highly doubt it was something similar. I sure do hope it isn't something similar, weather all this buying has been from China or elsewhere

because bitcoin block is probably halving, that's probably why the bitcoin price soars, just like pump. note that might not last long.

[zimmah]

main-while bitcoin still has a global market cap of 8 billion.

yeah, we have a long way to go.

we still need an increase of say 10000x to be worth anything on a global scale.

[alyssa85]

If it was capital flight from China, the move would have happened several months ago.

IMO this is the halvening pump. We saw something similar just before Litecoin had it's halvening (though that pump ran out of steam as the momentum traders took profits).

[sbtctalk]

Is there some kind of new "investment" scheme in China that is driving up demand? In the past there was this MMM craze.

MMM didn't move the price this much, highly doubt it was something similar. I sure do hope it isn't something similar, weather all this buying has been from China or elsewhere

Perhaps there is a media hype over bitcoins in the china media. Something must be driving up demand.

I saw the price of $519 earlier. I was stunned. Regretted not buying more when it was at $440.

[sbtctalk]

If it was capital flight from China, the move would have happened several months ago.

IMO this is the halvening pump. We saw something similar just before Litecoin had it's halvening (though that pump ran out of steam as the momentum traders took profits).

And the Lite coin price pump has stopped and it is turning south.

Eth, Lisk and  now LTC?

[Bitcoinpro]

The reason behind sudden bitcoin price jump is enormous demand from China.
The Chinese have $30 trillions worth of deposits but they are afraid of devaluation of
their currency so they looking for ways to keep their savings secure.
source

Yes capital injection is coming from somewhere

also if more people are buying the exchanges will

like to raise the price

[Herbert2020]

The reason behind sudden bitcoin price jump is enormous demand from China.
The Chinese have $30 trillions worth of deposits but they are afraid of devaluation of
their currency so they looking for ways to keep their savings secure.
[u r l=h t t p://www.zerohedge.com/news/2016-05-28/bitcoin-soaring-unprecedented-burst-chinese-buying]source[/url]

i don't agree with this at all.
because i have been hearing the same exact thing and also similar reason for a very long time (about people being afraid of the devaluation of their currency) but there has never been any change in bitcoin price, also i don't like the source!

also i agree with franky1 on eth dump, the recent pump let the investors to have a lot more money in a short time, money which is now coming back to bitcoin.

[angaper]

I think this is not a logical explanation to this sudden rally, because if Chinese investors were really interested in diversify their capitals, this massive acquisition of bitcoins might have occurred gradually or even in previous days, not necessarily at this precise moment.

[ebliever]

This rather clearly IS being driven by China. Go to Coinmarketcap, click on Bitcoin, and then select the markets tab:

http://coinmarketcap.com/currencies/bitcoin/#markets

Now take a look at the major non-Chinese exchanges (say the Top 10 of the list). Chinese exchanges are 0-fee, so they are excluded from the top of the list - you'll find them at the bottom. At the moment the Chinese exchanges are running $50 above the non-China exchanges. Redditors are saying that was $70 a few hours ago. So there is apparently crazy demand for bitcoin on the Chinese exchanges, and that is pulling up the price everywhere else.

If you know how to slip across the border with (lots of) Chinese fiat or bitcoins, you could make a killing right now.

[Monnt]

main-while bitcoin still has a global market cap of 8 billion.

yeah, we have a long way to go.

we still need an increase of say 10000x to be worth anything on a global scale.

Hold your horses and watch. Just watch. Bitcoin's going to hit a 9b market cap just as the halving comes. IMO I'm expecting a price spike, then a market correction. Maybe an exchange might scam if the price spikes, too.

[ObscureBean]

no, not related to china..
the first poke in the ribs was a ethereum sell off that happened yesterday and then 3 hours later bitcoin went into a buying binge..
which sparked the bitcoin speculation.

in short china didnt trigger it.. ethereum sell off did.

but its only a 10% price movement. so dont get too excited just yet

I don't think this BTC pump is being cause by Ethereum sell off. ETH price dipped a little but that was to be expected and people aren't exactly dumping their coins. If you look at the charts, ETH is already picking up again with +13%. In any case I don't think the ETH price dip is enough to account for what's going on with Bitcoin.

[target]

Is there some kind of new "investment" scheme in China that is driving up demand? In the past there was this MMM craze.

MMM didn't move the price this much, highly doubt it was something similar. I sure do hope it isn't something similar, weather all this buying has been from China or elsewhere

Perhaps there is a media hype over bitcoins in the china media. Something must be driving up demand.

I saw the price of $519 earlier. I was stunned. Regretted not buying more when it was at $440.

thats because you still hope it will drop 

don't you think this is because those who invested to DAO move to btc?