Bitcoin price breaks through 1800, what is the reason behind it?

This week, the price of Bitcoin has been rising, and the performance is very eye-catching. In the past 24 hours, the price of Bitcoin has risen from a low of 1,725 ​​yuan to a high of 1,834 yuan, with a daily fluctuation of 6.318%. The violent fluctuations have also led to a sudden increase in the BTC trading volume on various trading platforms. According to the 24-hour data provided by Bikan, OKCoin has a daily transaction volume of 441,000 BTC.   Huobi traded 350,000 BTC, while BTCC (Bitcoin China) traded 63,000 BTC.

Bobby Lee, CEO of BTCC, told CoinDesk that the platform has seen significant growth in trading volume, and he dismissed claims that competitors’ volumes are “artificial.”

In his opinion, this abnormal trading volume is not caused by ordinary traders, but is closely related to the Russian Ponzi scheme MMM.

“We have posted warnings on our website and social media, warning users to be careful, but people still go to our exchange and buy Bitcoin like crazy,” he said. “This time, it’s not speculative trading, but it draws them into this ecosystem.”

What the hell is MMM?

Russia's Sputnik News reported that Sergey Mavrodi, the founder of MMM, the largest financial pyramid in Russian history, launched the "MMM China" website, using high returns on funds as bait to attract investors. This time, he chose China as his target.

Sergey Mavrodi rose to fame in the early 1990s. Millions of Russians participated in the MMM financial pyramid he built. The project lasted only three years and collapsed in 1997, for which he spent four and a half years in prison. In May 2007, Mavrodi was released from prison and resumed his old business in the same way, deceiving people at home and abroad.

Arthur Hayes, co-founder of bitcoin derivatives trading platform BitMEX, has a different theory. He told CoinDesk that rumors of further devaluation of the yuan are driving interest in bitcoin, saying:

“People who see the signs of impending disaster are using Bitcoin as a means of wealth preservation. That’s why we’re seeing a rebound in the price of Bitcoin.”

What do foreign friends think?

doesnotcompute: Earth and wood!!!

Carl Weathers replied to doesnotcompute: Most people bought Bitcoin at $600, do you mean it will return to "sea level"?

Jabo38: Bobby spoke very candidly about this issue and I appreciate his honesty.

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Original article: http://www.coindesk.com/bitcoin-price-breaks-260-to-hit-two-month-high/
Compiled by: Satuoxi
Editor: Satuoxi
Source (translation): Babbitt Information