Whats causing the sudden fast price rise?

[o0o0]

I mean i'm loving that the fiat conversion represents action for bitcoin but its making me nervous as since getting into BTC 40 days ago its never been this fast... usually hovers up and down slowly clawing up but i just about fell out of my bed this morning when i stopped the iphone alarm checked the winkdex said is that right ... checked btcmarkets.net (aussie exchange) and went ok $70 change. And its still going up.

I don't want it to stop but i'm wondering whats causing the sudden boost? I'm not that knowledgable in all things world wide on bitcoin so anyone have any sources that indicate the sudden change reasons?

[1715122282]

1715122282

[1715122282]

1715122282

[BitcoinBarrel]

The best explanation I can come up with, is since everyone has been expecting the price to rise it is finally coming to fruition.

[jonald_fyookball]

more people are buying than selling 

[hodlmybtc]

Everyone who was waiting for this on the sidelines are now stepping in before everything explodes in total chaos

[Newbie1022]

Bot on OKCoin and everybody just followed along. It's entirely irrational... but can't short into this type of volatility. It's nuts.

[njcarlos]

Something in the Chinese markets, not sure I've read anything meaningful about it. They're the market leaders in either direction. Have been since the last massive rally. Right now, they're buying. When they stop, we'll be back down to $300s.

[hodlmybtc]

China is buying because of this: http://cointelegraph.com/news/112901/ukraine-hardens-stance-on-bitcoin-as-russia-lowers-proposed-penalties-for-crypto-users

[knight22]

My guess is that bitcoin had a lot of attention from the media this year and tons of people felt uncomfortable to get in at these high rate. Now that the bear market is over, all the people who waited before buying during the last months are rushing in a the same time.

[njcarlos]

China is buying because of this: http://cointelegraph.com/news/112901/ukraine-hardens-stance-on-bitcoin-as-russia-lowers-proposed-penalties-for-crypto-users

Why does regulatory stances in Ukraine and Russia cause China to buy? Please explain...

My guess is that bitcoin had a lot of attention from the media this year and tons of people felt uncomfortable to get in at these high rate. Now that the bear market is over, all the people who waited before buying during the last months are rushing in a the same time.

Disagree 100%.

[Wary]

Some insiders get some great news? Like COIN or something?

[Newbie1022]

China is buying because of this: http://cointelegraph.com/news/112901/ukraine-hardens-stance-on-bitcoin-as-russia-lowers-proposed-penalties-for-crypto-users

Why does regulatory stances in Ukraine and Russia cause China to buy? Please explain...

My guess is that bitcoin had a lot of attention from the media this year and tons of people felt uncomfortable to get in at these high rate. Now that the bear market is over, all the people who waited before buying during the last months are rushing in a the same time.

Disagree 100%.

If it was the Russian news, BTC-e would be leading this... it's just a bot.

[hodlmybtc]

China is buying because of this: http://cointelegraph.com/news/112901/ukraine-hardens-stance-on-bitcoin-as-russia-lowers-proposed-penalties-for-crypto-users

Why does regulatory stances in Ukraine and Russia cause China to buy? Please explain...

My guess is that bitcoin had a lot of attention from the media this year and tons of people felt uncomfortable to get in at these high rate. Now that the bear market is over, all the people who waited before buying during the last months are rushing in a the same time.

Disagree 100%.

If it was the Russian news, BTC-e would be leading this... it's just a bot.

Do you think people can only trade on news of their own country?

[Newbie1022]

China is buying because of this: http://cointelegraph.com/news/112901/ukraine-hardens-stance-on-bitcoin-as-russia-lowers-proposed-penalties-for-crypto-users

Why does regulatory stances in Ukraine and Russia cause China to buy? Please explain...

My guess is that bitcoin had a lot of attention from the media this year and tons of people felt uncomfortable to get in at these high rate. Now that the bear market is over, all the people who waited before buying during the last months are rushing in a the same time.

Disagree 100%.

If it was the Russian news, BTC-e would be leading this... it's just a bot.

Do you think people can only trade on news of their own country?

When Russia said they were going to sanction trading activities... BTC-e screamed and it was part of our dive. It was at least $20 down more than the other exchanges. Wouldn't you expect at least some sort of resemblance of that pattern, here? No? There are not a disproportionate number of traders from a region that shares the same banking and proximity?

[njcarlos]

Do you think people can only trade on news of their own country?

Are you a talmudic scholar? Answer the question, don't ask me question. Can you explain your hypothesis or not?

[Bitcoins101]

The market is controlled by traders with large bankrolls, not small-time bitcoin enthusiasts. Some people or a person with a large bankroll is buying a lot, for whatever reason - it's really as simple as that.

Most of the buying is originating from OKCoin, which is only natural, considering it's the largest and most liquid exchange.

[hodlmybtc]

I'm just around here for fun, looking at train pictures etc.

I just found the link somewhere.

[dropt]

Bot on OKCoin and everybody just followed along. It's entirely irrational... but can't short into this type of volatility. It's nuts.

Jesus, so go long.  FWIW, this is how Bitcoin goes up.  It's easily more of a mind blowing shit show than the nice little short fest all you bears have had the pleasure of the past 10 months.

It'll climb some ungodly percentage, the holders will rejoice, and then it will bleed off for months.  Consider this your first foray into the up swings of Bitcoin.

[o0o0]

The market is controlled by traders with large bankrolls, not small-time bitcoin enthusiasts. Some people or a person with a large bankroll is buying a lot, for whatever reason - it's really as simple as that.

Most of the buying is originating from OKCoin, which is only natural, considering it's the largest and most liquid exchange.

So if they buy big surely later they aim for a profit or they have a plan for the coins right? Its at $543 AUD and rising fast still... this morning it was $439... Thats crazy in 24 hours!

[belmonty]

The market is controlled by traders with large bankrolls, not small-time bitcoin enthusiasts. Some people or a person with a large bankroll is buying a lot, for whatever reason - it's really as simple as that.

Most of the buying is originating from OKCoin, which is only natural, considering it's the largest and most liquid exchange.

So if they buy big surely later they aim for a profit or they have a plan for the coins right? Its at $543 AUD and rising fast still... this morning it was $439... Thats crazy in 24 hours!

They might have been waiting until they are certain the bottom is in before buying. In that case they might wait until the ATH before selling.

[o0o0]

This upswing is not sustainable.

Surely it is as adoption grows. If it wasn't we'd still be at $1 back when people were saying that. I have no doubt one day a bitcoin could be $10,000 USD i'm not talking 1 or 2 years or short time but as adoption grows over maybe 5-10 years sure.

I just expected slow growths and not huge explosions.

Adoption is the key and getting it out to people for awareness.. i think that tipping bot thing for reddit is awesome. Just wait till tipping hits facebook and youtube.