[2017-01-04] Bitcoin is going Bananas

[Minecache]

http://uk.businessinsider.com/bitcoin-price-january-4-2017-2017-1?r=US&IR=T

In the first 24 hours of the new year, over 5 million bitcoins were bought in Chinese yuan, equating to $3.8 billion. In contrast, just 53,000 bitcoins were bought in US dollars.

[1714057895]

1714057895

[Qartersa]

Totally! I just woke up and I woke up to a price of $1,100. What a sudden increase. Before I went to bed the prices were only at $1,030 then a sudden $70 increase. Probably they are anticipating a sudden increase and just waiting to unload all the coins they bought once the prices reach a certain point. So we all be prepared when that happens.

[cr1776]

http://uk.businessinsider.com/bitcoin-price-january-4-2017-2017-1?r=US&IR=T

In the first 24 hours of the new year, over 5 million bitcoins were bought in Chinese yuan, equating to $3.8 billion. In contrast, just 53,000 bitcoins were bought in US dollars.

I think the more accurate statement would be that 5 million bitcoins were bought and sold (e.g. traded) in China.  If in reality 1/3 of the mined bitcoins were purchased (and not sold quickly) the price would be 10 or 20 times what it is now.   

[eckmar]

Shit, Chinese guys are driving Bitcoin crazy. I'm sorry now I sold 20% of what I own when price gone from 700$ to 900$. Now is probably still good time to buy more. Crazy Chinese guys are going to continue buying.

[Kprawn]

Shit, Chinese guys are driving Bitcoin crazy. I'm sorry now I sold 20% of what I own when price gone from 700$ to 900$. Now is probably still good time to buy more. Crazy Chinese guys are going to continue buying.

Do not get too greedy, we do not know if this is the top end of this cycle or if it will go any higher. The last spikes came down hard, after

these high prices. I know of people who bought at these high prices and they had to wait for two years to get a ROI. Like with property, there

are a time to buy and a time to sell... this looks like a time to sell... albeit not everything. Take some profits and keep some for later.. 

[richardsNY]

Shit, Chinese guys are driving Bitcoin crazy. I'm sorry now I sold 20% of what I own when price gone from 700$ to 900$. Now is probably still good time to buy more. Crazy Chinese guys are going to continue buying.

It's always China that is pushing the price forwards, nothing new here. Other than that, this definitely isn't a good time to enter the market. It's a good time to cash out profits or to continue holding what you have. Buying should be done when the price wasn't anywhere near the $1000 barrier. You shouldn't be sorry for cashing out profits. Mainly because you have only cashed out 20% of what you have. Just keep holding the rest.

[aso118]

http://uk.businessinsider.com/bitcoin-price-january-4-2017-2017-1?r=US&IR=T

In the first 24 hours of the new year, over 5 million bitcoins were bought in Chinese yuan, equating to $3.8 billion. In contrast, just 53,000 bitcoins were bought in US dollars.

But aren't the volume figures from Chinese exchanges unreliable because of zero transaction fees?
The volume can be faked by a small group trading amongst themselves.

[maku]

http://uk.businessinsider.com/bitcoin-price-january-4-2017-2017-1?r=US&IR=T

In the first 24 hours of the new year, over 5 million bitcoins were bought in Chinese yuan, equating to $3.8 billion. In contrast, just 53,000 bitcoins were bought in US dollars.

Network is overloaded and this is the reason my transactions are stuck right now (despite proper fee/size ratio I included)
Bitcoin related services are acting crazy now too: a while ago blockchain.info was down.

Calm down guys, this is not the end of bitcoin rise - 2017 will bring new ATH for sure.

[mixan]

Well that is putting it lightly!
Just got this message when I was checking blockchain.info for a tx sent.
"Maximum concurrent requests for this endpoint reached. Please try again shortly."
and with coinbase just telling me to log off and back on again to get to my account. Never seen that before either.
Too much is going on for these two giant sites to even handle right now.

It's peanut butter jelly time!

[eckmar]

Shit, Chinese guys are driving Bitcoin crazy. I'm sorry now I sold 20% of what I own when price gone from 700$ to 900$. Now is probably still good time to buy more. Crazy Chinese guys are going to continue buying.

It's always China that is pushing the price forwards, nothing new here. Other than that, this definitely isn't a good time to enter the market. It's a good time to cash out profits or to continue holding what you have. Buying should be done when the price wasn't anywhere near the $1000 barrier. You shouldn't be sorry for cashing out profits. Mainly because you have only cashed out 20% of what you have. Just keep holding the rest.

Yeah you can look at the current situation that way. But they were saying same thing when bitcoin was about 700$. Most people including me bought either way and it did made great profit.  I won't be buying more bitcoins now but you never know what would price be. I mean when it hit 800$ everyone was WOW, same for 900 ...