Why the sudden price rise?

[ehoffman]

I may not have looked far enough, but I don't seem to find anything justifying this sudden sharp rise...

[1713996541]

1713996541

[1713996541]

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[1713996541]

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[Buster]

https://bitcointalk.org/index.php?topic=310059.msg3331043#msg3331043

[phlogistonq]

If we were to go down the SR news would have triggered a sellof/downtrend. Instead, we recovered quickly. This is bullish news.

[ehoffman]

Ah, that's one reason...  But it still doesn't explain why the sudden price rise.  Why out of a sudden the volume jumps at BTCChina?

They are living their "hype bubble" like we did earlier this year? 

[CoinDiver]

Speculation on a US default.

[Ashitank]

Chinese got carried away on BTC cool-aid ,................... NOT !

[RodeoX]

Of course we are all just guessing. But I have found that when we have a week of good press, like the past weeks, a rise follows. It seems to lag by two weeks. Perhaps that is the time it takes newbies to read, download, and buy some coins.

[CoinDiver]

Of course we are all just guessing.

As much as the speculators are guessing. Really, even if you're not actively buying, but passively not selling... you're speculating as well.

[Kupsi]

The weak hands are beginning to be sold out...

[johnyj]

The total network hash power just rose like 500T in just a weekend, it is getting difficult to get bitcoin every passing day, many miners will stop mining and start to purchase coins soon, and before they do that, smart money will buy all the coins available on the market

[hacknoid]

I have another thought on this... and it relates to SR.

True, with the demise of SR there are others that have arisen to take its place.  However, SR's true size has now come to light - almost a million registered users.  That means a lots of people using it, and, while it was operating, a lot of sellers that received bitcoins and needed to dump them for cash in order to buy more supply.  While DPR may have believed in Bitcoin and held onto a lot of them, I doubt a lot of the sellers did.  I suspect many just saw the opportunity and used it as a medium, without holding BTC.  I suspect many regular dumps may have been due to SR sellers unloading at the current price, regardless of what that was (no real regard to trying to optimize profits).

Now, with SR removed, the regular dumps and their effect on the price trend is gone, and the constant, gradual demand for BTC from other areas is starting to show through.  If so, then this trend may continue, at least until the speculators begin profit-taking.

At least, that's my speculation.

(Oh, and of course there is the demand from China too...  )

[Habeler876]

I have another thought on this... and it relates to SR.

True, with the demise of SR there are others that have arisen to take its place.  However, SR's true size has now come to light - almost a million registered users.  That means a lots of people using it, and, while it was operating, a lot of sellers that received bitcoins and needed to dump them for cash in order to buy more supply.  While DPR may have believed in Bitcoin and held onto a lot of them, I doubt a lot of the sellers did.  I suspect many just saw the opportunity and used it as a medium, without holding BTC.  I suspect many regular dumps may have been due to SR sellers unloading at the current price, regardless of what that was (no real regard to trying to optimize profits).

Now, with SR removed, the regular dumps and their effect on the price trend is gone, and the constant, gradual demand for BTC from other areas is starting to show through.  If so, then this trend may continue, at least until the speculators begin profit-taking.

At least, that's my speculation.

(Oh, and of course there is the demand from China too...  )

what about the demand to buy coins caused by those buying on SR?

[Zangelbert Bingledack]

14 big reasons:

• China
• Second Market Bitcoin Investment Trust delayed effect
• SR had 100,000 users engaging in active commerce, proving Bitcoin is a very real medium of exchange
• SR shutdown caused only a flash crash, proving the current price level is solid*
• SR shutdown generated a lot of Bitcoin publicity, the trial guarantees more, plus feds have Bitcoin wallet
• DPR's huge cold wallet is reportedly untouchable; off-shore account holders' ears are perking up
• SR shutdown proved SR was not a critical part of the Bitcoin ecosystem, not even for price support (see above)
• SR shutdown cleaned the image of Bitcoin up in many people's minds, even though others like it will sprout
• Global financial market turmoil coming to a head; Jim Rogers: "this Fall is probably the beginning of the end"
• US government shutdown silliness, people are worried and the US is showing serious signs of imminent meltdown
• China-EU agreement to cut out USD in trade, a huge blow to USD reserve currency status - one of many
• Ultra-loose Janet Yellen appointed as next Fed chief, QE to infinity!
• 6 months since last bubble, dust settled, now finally clear to people that it was a legit price correction (upwards)
• Talk of more Cyprus-style "haircuts" on depositors, taking the Keynesian "hoarding=bad!" to its logical endpoint

*Remember March 11? Slow orphan blocks, hard fork, double-spend --> FLASH CRASH --> price ultimately unaffected, proving in people's minds that the growth from January through March 11 wasn't just silly speculation and vapors but real support, so then people threw caution to the wind and piled in without reservation

[600watt]

14 big reasons:

• China
• Second Market Bitcoin Investment Trust delayed effect
• SR had 100,000 users engaging in active commerce, proving Bitcoin is a very real medium of exchange
• SR shutdown caused only a flash crash, proving the current price level is solid*
• SR shutdown generated a lot of Bitcoin publicity, the trial guarantees more, plus feds have Bitcoin wallet
• DPR's huge cold wallet is reportedly untouchable; off-shore account holders' ears are perking up
• SR shutdown proved SR was not a critical part of the Bitcoin ecosystem, not even for price support (see above)
• SR shutdown cleaned the image of Bitcoin up in many people's minds, even though others like it will sprout
• Global financial market turmoil coming to a head; Jim Rogers: "this Fall is probably the beginning of the end"
• US government shutdown silliness, people are worried and the US is showing serious signs of imminent meltdown
• China-EU agreement to cut out USD in trade, a huge blow to USD reserve currency status - one of many
• Ultra-loose Janet Yellen appointed as next Fed chief, QE to infinity!
• 6 months since last bubble, dust settled, now finally clear to people that it was a legit price correction (upwards)
• Talk of more Cyprus-style "haircuts" on depositors, taking the Keynesian "hoarding=bad!" to its logical endpoint

*Remember March 11? Slow orphan blocks, hard fork, double-spend --> FLASH CRASH --> price ultimately unaffected, proving in people's minds that the growth from January through March 11 wasn't just silly speculation and vapors but real support, so then people threw caution to the wind and piled in without reservation

+1
nice list. overall media attention has grown big time since march/april. fourth biggest economy has approved btc legal status  (germany). network strength skyrocketing.

[byronbb]

I may not have looked far enough, but I don't seem to find anything justifying this sudden sharp rise...

Because every effect must have a cause visible to you? The market moved because people bought coins....

[hacknoid]

what about the demand to buy coins caused by those buying on SR?

My thinking is that the buyers are larger in number than sellers, but smaller amounts of buys each, possibly spread across multiple exchanges. Coupled with those who might have the coins from earlier on or from mining, and it doesn't amount to significant impact as its many small purchases at best. Less impact than a larger dump.

[Odalv]

14 big reasons:

• China
• Second Market Bitcoin Investment Trust delayed effect
• SR had 100,000 users engaging in active commerce, proving Bitcoin is a very real medium of exchange
• SR shutdown caused only a flash crash, proving the current price level is solid*
• SR shutdown generated a lot of Bitcoin publicity, the trial guarantees more, plus feds have Bitcoin wallet
• DPR's huge cold wallet is reportedly untouchable; off-shore account holders' ears are perking up
• SR shutdown proved SR was not a critical part of the Bitcoin ecosystem, not even for price support (see above)
• SR shutdown cleaned the image of Bitcoin up in many people's minds, even though others like it will sprout
• Global financial market turmoil coming to a head; Jim Rogers: "this Fall is probably the beginning of the end"
• US government shutdown silliness, people are worried and the US is showing serious signs of imminent meltdown
• China-EU agreement to cut out USD in trade, a huge blow to USD reserve currency status - one of many
• Ultra-loose Janet Yellen appointed as next Fed chief, QE to infinity!
• 6 months since last bubble, dust settled, now finally clear to people that it was a legit price correction (upwards)
• Talk of more Cyprus-style "haircuts" on depositors, taking the Keynesian "hoarding=bad!" to its logical endpoint

*Remember March 11? Slow orphan blocks, hard fork, double-spend --> FLASH CRASH --> price ultimately unaffected, proving in people's minds that the growth from January through March 11 wasn't just silly speculation and vapors but real support, so then people threw caution to the wind and piled in without reservation

Nice, but what about reason #15 - Gox is insolvent ?

[Zangelbert Bingledack]

Gox pays out just fine in Japan, I can tell you.

Another thing: http://www.businessweek.com/articles/2013-10-14/chinas-state-press-calls-for-building-a-de-americanized-world

[derpinheimer]

Gox pays out just fine in Japan, I can tell you.

Another thing: http://www.businessweek.com/articles/2013-10-14/chinas-state-press-calls-for-building-a-de-americanized-world

I forgot that everyone lives in Japan again, DOH!

[TERA]

I may not have looked far enough, but I don't seem to find anything justifying this sudden sharp rise...

Now that everyone is off drugs they have finally gotten some sense and bought btc.