The price of bitcoin has hit its highest closing price in the last year, trading at $436 and climbing at press time, according to the CoinDesk Bitcoin Price Index.

1. teamsteverhyner.com http://www.teamsteverhyner.com/bitcoin-price-rockets-to-one-year-high-on-record-volumes/
Steven L.
Rhyner
Bitcoin Price Rockets To One-Year High on Record Volumes
Correction: Article has been updated to reflect that one-year high is based on BPI closing prices; 36% gain was
achieved in last two weeks, not last four days.

2. The price of bitcoin has hit its highest closing price in the last year, trading at $436 and climbing at press time,
according to the CoinDesk Bitcoin Price Index.
Bitcoin has gained an astonishing $115 or 36% over the last two weeks. It was changing hands for $320 a coin on
25th November. The price briefly touched $500 on some exchanges on 4th November before dropping under $400 in
the following days.
The strong rally is accompanied by record-breaking trading volumes on bitcoin exchanges. On 5th December 3.49
million bitcoins were traded across all exchanges tracked by data provider Bitcoinity. This smashed the
previous record for daily traded volume established just days prior, on 26th November, of 2.86 million coins traded.
Trading volume has remained robust since its high watermark, with daily trading consistently closing above the 2
million BTC level.
Falling Yuan
Market-watchers offered theories ranging from the falling price of the yuan, to the media hoopla around a supposed
unmasking of Satoshi Nakamoto by two prominent technology publications, to an abundance of positive
newsflow around the blocksize debate.
Daniel Masters, who runs the Global Advisors Bitcoin Investment fund that is widely known as GABI, said a weaker
yuan was driving Chinese investors into bitcoin. The yuan has fallen 4%against the US dollar this year. He told
CoinDesk:
“It’s pretty simple in my view … A domestic Chinese investor is faced with falling yuan, falling
commodity prices and falling real estate prices. One of the few alternatives is bitcoin, which is
negatively correlated to all of this.”

3. Indeed, the exchanges with the most volume traded were the ones based in the mainland, with OKCoin and Huobi
leading the way. Observers have previously noted that exchange volume figures, which are self reported, should
be treated with caution because they can be manipulated.
Masters said China will continue to be a major factor driving the bitcoin price up in the long term as its economy
continues to slow and the yuan sheds value.
The Wall Street Journal reported four days ago that the bitcoin rally was being driven by traders arbitraging the
cryptocurrency and units of the Bitcoin Investment Trust (GBTC), which is publicly traded.
Unlikely Arbitrage
Although the Journal did not describe the arbitrage mechanism, its story claimed that narrowing spreads between the
bitcoin price and the GBTC price allowed traders to profit as they would when arbitraging an exchange-traded fund
(ETF) and its underlying assets.
“The increased activity on the OTCQX-traded fund may have triggered a wave of bitcoin buying, contributing to the
price spike,” the Journal wrote.
Market watchers on r/BitcoinMarkets have discounted this theory, pointing out that shares in GBTC traded in the
public markets must be held by unit-holders for at least a year, meaning they are disconnected from the current bitcoin
price.
“There is no mentionable arbitrage mechanism, only GBTC shares you can buy/sell are the year-old+ [Bitcoin
Investment Trust] ones,” one punter wrote on r/BitcoinMarkets.
Institutional trader Harry Yeh of Binary Financial said a slew of news coverage around bitcoin in the previous weeks
has been a critical price driver.
Positive newsflow
Yeh pointed to the Scaling Bitcoin conference in Hong Kong, which produced the ‘segregated witness’ scaling solution
that doesn’t require a hard fork as one example. Additionally, the Satoshi ‘unmasking’ by Wired and Gizmodo has cast
a spotlight on the cryptocurrency, he said.
Yeh said bitcoin may simply be rebounding from a pronounced price dive in 2014, when it was “very oversold”.
Conversely, he said the technical indicators, in his view, showed that bitcoin is now on a trajectory similar to its
massive run-up in 2013, which led to it breaking the $1,000 mark.
Yeh said:
“Looking at all the factors and the technical factors … bitcoin could rocket past $600.”
Re-posted from www.coindesk.com December 11, 2015 by Joon Ian Wong
Some predict the price will go to $1,000 in 2016. While predicting is entertaining, there certainly is no

4. guarantee. One guarantee that is pretty solid is mining Bitcoin which provides an average and approximate
return of between 20 & 25%. Take about 70% of the proceeds and purchase gold or hard assets or extinguish
any debt you have. There’s trouble on the horizon for the dollar and most major currencies. Watch “Hidden
Secrets of Money” on You Tube for more information. If you’d like to participate in this strategy click here for
more information or send me an email: steve@prplus.us.
Share this post and help spread the love!

5. Thank you for reading my posts! If you would like to connect, reach out to me on
Facebook.