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February 18, 2014, 03:35:50 AM |
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PS. I should add that the slope of the current "slumber trend" in Huobi's price (yellow line in the previously posted chart) seems consistent with my theory for the cause of such trends: namely, a gradual decrease in the CNY/BTC ratio circulating in the Chinese bitcoin markets.
The money supply may be decreasing due to unlucky traders leaving in frustration after losing money, while new investors are kept away by bad press and/or the general downward trend of the price over the last month.
The coin supply may be increasing due to mining and/or inflow of bitcoins from non-Chinese markets through arbitrage trading.
But, while the trend now seems real, these explanations are just guesses.
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