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> From the article: "Trading between the yuan and bitcoin accounted for around 98 percent of the total market in the past six months." Yes, it's people getting
by runeks 10y ago
> From the article: "Trading between the yuan and bitcoin accounted for around 98 percent of the total market in the past six months." Yes, it's people getting yuan out of China.
I don't at all agree that this is evident.
BTC China has zero trading fees. All speculators go there to cheaply trade bitcoins. Volume is no indicator of anything, except the speed of their order matching engine. Bitcoins bidding on Yuan, and vice versa, is the important metric, and judging by it, the Chinese market is insignificant compared to the USD market (bitcoincharts.com/markets has order book depth by exchange).
- drcode 10y agoWell, there is SOME reason why Bitcoin spiked recently- It seems almost like it's due to an organic reason, since the speculation environment hasn't changed much in the last year to account for a large change- So far, the best theory to account for the spike I've heard is Chinese capital outflow. (Though it's always possible it's entirely due to "animal spirits of the market" and has no fundamental reason)
- mr_spothawk 10y agoremember when Jamie Diamond said "all the action is in gold and bitcoin"? that's when this recent spike started.