Quote from: Afrikoin on May 31, 2016, 05:04:44 PM

Quote from: Tzupy on May 31, 2016, 03:51:23 PM

Quote from: Afrikoin on May 30, 2016, 03:47:09 PM

THE PUMP FOLLOWS. Massive pump this one. COuld take us to $850.Im happy.HOLD!!!

China Buying Sparks Bitcoin Surge

http://www.wsj.com/articles/china-buying-sparks-bitcoin-surge-1464608221

Paywall because of direct link. Google it to read. Copy paste of the article:

Chinese investors are pumping up bitcoin again, sending prices up nearly 16% in the past four days just two years after the country that was at the center of a boom and bust in the crypto-currency.

The four-day surge in bitcoin since Friday has added $1.2 billion in market capitalization for all bitcoin in circulation, according to data from blockchain.info. On Monday, prices moved up as high as $525.49 per bitcoin, though thats still well below the all-time high of around $1,151 in November 2013.

ENLARGE Chinese bitcoin exchanges have been operating despite past efforts by Beijing to curb trading in the currency, which is not subject to any central authority and which can be traded almost instantly across borders.

Huobi and OKCoin, two Chinese exchanges, now collectively account for some 92% of global trading in bitcoin.

The surge in bitcoin buying this weekend could be the latest sign of how Chinese investors are moving money between asset classes quickly in search of high returns. In the past year, equities, bond and commodities markets in China have in turn seen massive surges of new investing, often followed by a collapse in prices as funds have moved elsewhere.

Theres a lot of hot money in China that has to go somewhere, says Du Jin, chief marketing officer at Huobi. Huobi has seen a surge of new registrants in the past one month, he said.

Expectations that new supply of the virtual currency will decrease next month could also be behind the latest price surge. The creation of bitcoin via a complicated computing process called mining gets more challenging over time, thanks to a mechanism which cuts the number of bitcoin that can be created in half every four years in order to limit supply.

ENLARGE But industry participants also say a number of China-specific factors are also in play.

Stories of scams in peer-to-peer financing have sent Chinese investors familiar with the most innovative forms of investing to bitcoin specifically, says Huobis Mr. Du.

The bitcoin network, composed of traders around the globe accessing virtual platforms via their computers and the Internet, also allows a discreet way for a Chinese to move money beyond the countrys tightly-controlled borders.

Bitcoin currently trades at a 7.2% premium when priced in Chinese yuan on mainland bitcoin exchanges compared to counterparts pricing the currency in U.S. dollars, according to industry tracker Bitcoinity.org.

ENLARGE This premium in Chinese prices has persisted throughout the year, suggesting that demand from the country has accounted for much of bitcoins recent gains, says Zennon Kapron, founder of financial technology consultancy Kapronasia and author of a book on bitcoin.

Investors are worried about the decreasing value of the yuan and it seems that China is leading a lot of the movement, he adds. People are protecting their investments [by converting yuan into bitcoin].

The is a count from which a top of 850$ very soon could have been guesstimated, but IMO it's overly optimistic.
So far the Chinese new fiat has topped, remains to be seen if more fresh Chinese fiat will enter. But the spike mobilized western bids, which are dumped upon.
New accounts mean IMO weak hands, they didn't buy to hold for months, there is some quick profit for them to make and most will realize that profit.

sentiment meter says we're due another leg up. I'll be honest, this looks like it could get to $850

Mainstream media is already hopping on board the halving supply band wagon.

I think you are concentrating too much on organics. Yet, this price rise is speculative due to halving, China etc.

The bid side on Huobi reached over 180 million CNY! Shocked

So IMO they just wait for a TA excuse to pump, with such large amount of fresh fiat 850$ becomes possible. Roll Eyes