With the immediate news of Microsoft accepting Bitcoin for digital goods on the Windows Phone and Windows Store marketplace it was amazing to see that China lead the pump. This was something I have not seen in a while and was fun to be a part of.
There is only one problem....
It went up about $17 dollars... If this was 2011/2012 we would of seen the price skyrocket Mt. Gox style. So - with that indicator. I knew China was going to dump before their work shift ended (4PM China time) and here we are back to the $350 level. Why is that? I think the reason has to do with people that entered the pump were shorting the whole time (sub 350) and re-entered the market. That action is all we got. At the end of the day - there is no new money coming into Bitcoin otherwise the price would be steadily climing this morning with the news. Its 10AM EST as of this post and price is moving sideways.
TLDR; There is no new money. Expect this to go down before or on the weekend.
Microsoft recently add one more way to accept USD from bitpay company, however many fake news about "it is accepting bitcoin" came out and some of us buy this troll,
The bitcoin price is going to crash even harder after this "delay" caused by fake news same as PayPal made their announcement, you know what happened about the price crash
Microsoft does not accept bitcoin
Microsoft does not hold any bitcoins you pay to bitpay company
Crash incoming!
the flaw in your logic is that you think that any business or company who accepts bitcoin needs to hoard it and that if they do not hoard the coins then it is a bad thing.