Bitcoin spikes 70% in a month; nobody knows why

#1

Post by tmlee » Wed, Nov 04, 2015, 3:12 AM UTC

Bitcoin spikes 70% in a month; nobody knows why
cnbc.com

Re: Bitcoin spikes 70% in a month; nobody knows why

#2

Post by throwastone » Wed, Nov 04, 2015, 4:21 AM UTC

Looks like algos picked up on log scale trendline break (Oct 25th-27th or so) from long term consolidation, thus the acceleration in the past 30 days. Buyers pile in. Price goes up.

Re: Bitcoin spikes 70% in a month; nobody knows why

#3

Post by nikolay » Wed, Nov 04, 2015, 5:57 AM UTC

And that's why trading needs fees, otherwise craziness follows.

Re: Bitcoin spikes 70% in a month; nobody knows why

#4

Post by ac29 » Wed, Nov 04, 2015, 7:10 AM UTC

Yesterday, there was speculation it was due to China [1], increased legitimacy [1], or a ponzi scheme [2].

A few comments here: https://news.ycombinator.com/item?id=10497141

[1] http://www.bloomberg.com/news/articles/2015-11-02/bitcoin-is...

[2] http://www.dailytradingprofits.com/5063/is-bitcoin-being-pum...

Re: Bitcoin spikes 70% in a month; nobody knows why

#5

Post by arsenide » Wed, Nov 04, 2015, 9:16 AM UTC

nikolay wrote: post #3

And that's why trading needs fees, otherwise craziness follows.

I can find my friend and give him $5. There "needs" to be a fee attached to this?