I suspect we are witnessing a massive inflow of South African Rand into Bitcoin, which becomes quite evident in the above chart. The Rand has already reached record lows against the US dollar, and could show further weakness. Although I am expecting a pullback in BTC eventually, this bullish trend could continue for some time.
One thing I forgot to mention yesterday, is that Sergey Mavrodi is based in South Africa. I suspect he is a big factor in this price move, and is hedging against the Rand.
The theme is correct, to make this "evident" though specifically to the ZAR you'd need to show volumes from BitX or another South African exchange.
The currency you might want to consider as being more of a trigger is CNY.
Plenty of currencies to trigger bitcoin waves ahead.
Turco
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Hmm good point...not sure that data is available here on TV.
stantankeuros
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Volume charts of localbitcoins could help point in the right direction. Sites like this are a main entry point for South Africans, BitX is still small and requires KYC.
coin.dance/charts/zar
Turco
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I know this is mere speculation and I could be dead wrong, but I still think MMM / Mavrodi is a big factor in this rise. In case you haven't seen this link, it is quite profound: pasteboard.co/2KMKzoZN.png .
For me to have written "I suspect we are witnessing a massive inflow of South African Rand into Bitcoin", may not have been completely accurate. Since Mavrodi is based in South Africa his MMM funds receive all types of currencies...CNY, ZAR etc. He may be using some sort of ZAR/BTC hedging algorithm, since the price of ZAR has to be important to him.
Some may consider this a far fetched theory, but the current inverse relationship presented in the chart is to hard to ignore in my opinion.
Turco
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So the bottom line is, he may not have to be buying BTC with ZAR.
ChimbOt
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Very interesting my friend
Turco
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Thx
investigator
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I was looking for a strong fundamental for the rally. I think you nailed it. A big thumbs up!
zerohedge.com/news/2015-12-11/bitcoin-breaks-out-higher-after-china-announces-crackdown-unionpay-pos-devices