Ok, I suppose it’s not too unfair to blame Bitcoin Ambassador and his popular Bitcoinomics show for the price of bitcoin to break the $700 barrier from $570 within 24 hours. After all most of his attendees are rich Chinese investors.
By the way just to share some simple mathematics:
Given the circulation of about 300,000 bitcoins in the market and 3,600 new bitcoins born in a day, just on 12th June alone
3,600 x $700 = $2,520,000 +
300,000 x ($700-570) = $39,000,000
About US$40m of hot, new fresh money has entered the bitcoin market.
Of course leveraging and borrowings do play a part but I think you get the rough picture.
