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.
Hit the nail on the head.
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!
Chinese whale doing something strategic. Purely for tax/legal reasons or buying both "normally" and with leverage in order to sell into the rally he sparked at some point (and profit).
