Right but this demand is coming from China (for the last 3 hours) and the other markets are just closing the gap as they catch up (some nice arbitrage opportuni

Right but this demand is coming from China (for the last 3 hours) and the other markets are just closing the gap as they catch up (some nice arbitrage opportunities if you have a CNY account). If the trade spikes were on MtGox for USD I would agree that it is an inaccurate price but as MtGox has more trade volume than CoinBase, I think they just close the gap sooner.