2016 rally is led by India

[newIndia]

I think a rise like this was inevitable, regardless of what countries was leading the rally.

An uptrend has been going on for ages and spikes are a normal aspect of that.

U may say that demonetization in India worked as the catalyst to this rally.

[Ayers]

yeah but the last pump was because more people around the world jumped in after they saw that the price was pumped, so not only india here, and add to this the christmas festivity and you have a nice base for a pump

[thepo1m]

Reason of the spike of 2013 is generally attributed to China, as BTCC was leading the CNY price, which was followed by Mt. Gox in USD equivalent.

In 2016, because of demonetization, bitcoin was trading over 900 USD equivalent in India far before the USD exchanges reached 900 USD.

Hence, do u think, it can be concluded that India led the rally of 2016, like China led the rally of 2013?

I would say it was a joint effort with both India, china and Venezuela.  there is probably lots of other countries out there also who are having monetary issues and where people are buying bitcoin.

I agree with you, there is no single factor to point to, it is a connection of several factors, China devaluation, India demonitization, Brexit, Trump Victory and also recession and devaluation in several Afrcian countries all played majour factor. Don't less us forget the halving event too

[Sex Video Chat VKcams.com]

do u think, it can be concluded that India led the rally of 2016

No. Buying BTC at this price is madness.
Indians are clever guys, they will not spend their money on such currency.

[nikona]

I'm not sure about the reasons which led btc to suddenly spike upwards to 900$+ but I dont think India's demonetization move was a major factor. India's BTC constitutes a meager 2% to 4% at best. The major hold for price surge or decline is controlled by China. I'm not a big fan of that but, Its the truth. India might have helped to a small extent but cant call it a major driving factor.

[mrkevio]

Buying Bitcoin there is a pain right now: premium prices of $1200! I didn't see many changes in our price though, unfortunately. I have been watching the Bitcoin price for a while and there wasn't a big rally until a week ago, but I didn't hear any news that might have caused that.

[talks_cheep]

If you look at the btc transactions by countries, China leads by miles ahead of India, in fact, India doesn't come within the top 10 countries. Not even close. India may have a bigly populations but that is just about the only thing it leads in the world. It's a Third World country that can't even wipe its own butt. Before you get your panties all twisted, I'm not politically correct. No, am not sorry, am proud!

[pooya87]

If you look at the btc transactions by countries, ~

it is impossible to check bitcoin transactions by country. and the only thing we can check is the volumes these exchanges report and that is way of the real value for Chinese specially.

i admit that India had some effect on bitcoin price but with those volumes and the situation they have  meaning people have limited access to their funds in banks and also the comparison between the Indian volume and the rest i'd say their effect was tiny.

[naidray]

i admit that India had some effect on bitcoin price but with those volumes and the situation they have  meaning people have limited access to their funds in banks and also the comparison between the Indian volume and the rest i'd say their effect was tiny.

The India boom has started very well but unfortunately it was not sustaining due to lack of fund flow from/to India. Many Indian exchanges are not accepting USD deposits from world wide people at least if they have visa card processing through verification (like CEX has), the trend would have spread out to other exchanges too.

[lumeire]

I think a rise like this was inevitable, regardless of what countries was leading the rally.

An uptrend has been going on for ages and spikes are a normal aspect of that.

Perhaps the previous halving also became a catalyst for this jump. It's a major factor still I believe.

[Denker]

I think a rise like this was inevitable, regardless of what countries was leading the rally.

An uptrend has been going on for ages and spikes are a normal aspect of that.

Perhaps the previous halving also became a catalyst for this jump. It's a major factor still I believe.

Yes I also believe that right now we are in the phase where the reward drop of the last halving will play a bigger role.
2012 we started to moon ~6 months after the halving. Now it seems to be very similar.Sure there are some more aspects which play a role for the recent uptrend.But imo the halving is a very significant one of them.

[Shiroslullaby]

Bitcoin may have gained some interest from India, which is definitely a good thing, but there are several questions that need to be answered.

Are there local exchanges actually being run from India or are they using foreign exchanges? What payment methods do they accept?
Who is buying Bitcoin? Is this your average worker buying small amounts of Bitcoin on a regular basis? Or is it rich investors making one time purchase as a speculation?

I feel like these two things are the most important. You need local exchanges that make payments easy for local users,
and a steady stream of buyers, not just one-time purchase who will hold Bitcoin and not actually spend it.

[1Referee]

i admit that India had some effect on bitcoin price but with those volumes and the situation they have  meaning people have limited access to their funds in banks and also the comparison between the Indian volume and the rest i'd say their effect was tiny.

The India boom has started very well but unfortunately it was not sustaining due to lack of fund flow from/to India. Many Indian exchanges are not accepting USD deposits from world wide people at least if they have visa card processing through verification (like CEX has), the trend would have spread out to other exchanges too.

India in Bitcoin terms is too insignificant to make a serious impact on the market at this point. It will take probably a year or two before everything builds up to such a level, that Western and Chinese traders add value to the existence of the Indian Bitcoin market. But if you take into consideration how small their market is, it directly shows how much potential growth that we can realize if India grows out to be a very important Bitcoin hotspot. We need to give them time to develop everything. After India there are more parts of the world that will pop up and slowly develop themselves. Plenty of potential growth and demand for Bitcoin.

[Sithara007]

Buying Bitcoin there is a pain right now: premium prices of $1200! I didn't see many changes in our price though, unfortunately. I have been watching the Bitcoin price for a while and there wasn't a big rally until a week ago, but I didn't hear any news that might have caused that.

Premium of $1,200 per coin? Which exchange are you using? I have just checked the sell prices in Localbitcoins India, and coins are available for as low as $900. And right now, the exchange rate in BTC-e is $902 per coin.

[sandiman]

Reason of the spike of 2013 is generally attributed to China, as BTCC was leading the CNY price, which was followed by Mt. Gox in USD equivalent.

In 2016, because of demonetization, bitcoin was trading over 900 USD equivalent in India far before the USD exchanges reached 900 USD.

Hence, do u think, it can be concluded that India led the rally of 2016, like China led the rally of 2013?

All your statements are wrong.

Concerning India leading the rally, have you seen the volume on their exchange ? is it a tiny bit in a giant ocean. That's also why they reached higher price before us, since they have no volume, it is much easier to move the price when you use market orders; whereas in more liquid exchange, you better be a whale in order to increment a move in price that last overtime. that's also why there was such a high premium between indian and other big exchange. Indeed, think twice, if your point is really true, don't you think that people would have rush to arbitrage that price different and litteraly make "free money", if it wasn't done, it's because they were implicit and explicit cost that were priced in when trading on indian exchange.

[jondeen707]

There is a definitely a variety of factors that contributed to the overwhelmingly successful year for Bitcoin. Recent currency developments in India are just one of them, with strong demand from China being the main driving force.

[Febo]

Reason of the spike of 2013 is generally attributed to China, as BTCC was leading the CNY price, which was followed by Mt. Gox in USD equivalent.

In 2016, because of demonetization, bitcoin was trading over 900 USD equivalent in India far before the USD exchanges reached 900 USD.

Hence, do u think, it can be concluded that India led the rally of 2016, like China led the rally of 2013?

India is too small to influence global markets. All we have to do is look at the volume in Indian exchanges and compare it to the global markets.
It is insignificant when compared to China.

http://www.moneycontrol.com/news/business/zebpay-looks-to-make-hay-while-bitcoin-shines_8086841.html

The bitcoin trading platform aims to cross Rs 1,000-crore trade-volume mark in FY17. "We plan to add an extra zero to the trade volumes every year," Goenka said. He admitted the target is an ambitious one, but his optimism stems from the huge opportunity bitcoins offer. "Bitcoins are still taking baby steps in India," he said. "Currently China does a trade volume of Rs 15,000-20,000 crore in a single day

To understand Indian volume, u must look at LocalBitcoins. Following link may help u in this regard...

https://coin.dance/volume/localbitcoins/INR

That chart shows that volume on local bitcoins in India is now same as was whole 2016 and most 2015. no change around 300 BTC a week.
Now compare 300 BTC with 2500 BTC that was weekly volume of trade with Monero and you see what is a real volume.

[Yuuto]

Reason of the spike of 2013 is generally attributed to China, as BTCC was leading the CNY price, which was followed by Mt. Gox in USD equivalent.

In 2016, because of demonetization, bitcoin was trading over 900 USD equivalent in India far before the USD exchanges reached 900 USD.

Hence, do u think, it can be concluded that India led the rally of 2016, like China led the rally of 2013?

India was just a regulated market, I don't think that the price in Indian rupees spiking was necessary the cause of this rally, because arbitrage was not possible between exchanges. If arbitrage was possible then I would say India did lead it.

Also the volume charts are still showing that Chinese exchanges are dominating. Indian exchanges have negligible volume compared to Chinese ones.

[boyshx]

I believe after two good years a lot of guys -like me- took seriously Bitcoin and started putting money on it. and the more time bitcoin shows such a good performance the more trustworthiness it'll get from new people.

[Huge Black Woman]

Ah tell you it ain't one country is doin' this.  It take the WHOLE bitcoin community buyin' an then some.  You all know dam straight that nothin' induces buyin' more than BUYIN'.  Meanin' this here bull market in bitcoin is asuckin' in a buncha people dat probly know verry little 'bout bitcoin.  Dey jist see a price goin' up, up, up, up.  An' that's all it takes.  I'm 'fraid of a crash, ain't y'all??