Bitcoin Prices Bouncing BackBitcoin Prices Evolves Above $510 on all major Exchanges, after breaking several resistances in the last two trading days.
Bitcoinvox analysts did draw your attention on the Bullish Trends and renewed optimism, following the FED positive declarations.BTC Trading prices are bouncing back on BitStamp, evolving above $515, which represents almost a 15% increase in two days.Chinese Exchanges Huobi and OkCoin are also advancing above $505 (eq. RMB 3,175), with subtantial volumes of trade.The involved volumes suggest the trend should continue towards the next resistance at $530 (new support at $500).
The Crypto Market appears to be also Bullish, as every major Altcoins are rising within the Top 5. Force is to note, that Darkcoin (DRK) has reached the 4th place with a total market cap of $43 million.Optimism On Chinese ExchangesOver the past 24 hours, the vast majority of bitcoin volume took place on two exchanges: OKCoin and HuoBi.According to BTCKan, the volume on just these two exchanges represented nearly half of all bitcoin transactions on the day.
When other Chinese exchanges like BTC China and ChBTC are included, that number edges closer to 60 percent of BTC traded in renminbi.While trading data from the Chinese exchanges needs to be taken with a grain of salt, volume trackers on the Stateside have decided to respond by ignoring the Chinese data entirely.You would not know the size of China’s influence on BTC by looking at bitcoin volume charts like Coin Market Cap, which tracks valuations for bitcoin and all the other major (and not-so-major) digital currencies.Coin Market Cap claims that 85 percent of BTC trades take place in USD, and only 8 percent in the Chinese national currency.
That certainly paints a picture of a world wherein bitcoin is dictated by American investors, with some Chinese dabbling on the side. However, CoinMarketCap alternative coins lists and data are more accurate.Bitcoin Average Excluding Major ExchangesCoin Market Cap gets their bitcoin info from BitcoinAverage, who entirely excludes some major exchanges from their data set. Notably, the biggest Chinese exchanges of OKCoin and HuoBi.Their reasoning fro excluding them is that their volume numbers are not to be trusted.
And there’s certainly validity to the notion that OKCoin, at least, has significantly fudged volume data in the past.But excluding them from the figures outright makes the BTC market in China appear much weaker than it actually is.China’s influence on bitcoin’s price is well understood, and is much more severe than 8 percent of trading volume would indicate.You will be hard pressed to find someone argue that bitcoin’s crash in December 2013 had anything to do with anything besides tightened Chinese regulations and Beijing banning financial institutions from trading BTC.Even if OKCoin fudges their exact numbers, the effect of Chinese exchanges on the market is substantial, and a large part of the volatility comes from investors in China who tend to move in flocks in investing, have suddenly become bearish or bullish on bitcoin.