Topic: 2014 Record breaking 30 minute volume to drive Bitcoin from $820 to just $836 (Read 2396 times)

That was a record breaking volume required to devour a massive Ask wall that had accumulated at the $820 range.

I doubt for a second that this surge in volume, 900 BTC worth of it occurring in one fell strike, the majority of the rest of it hitting within two seperate 1 minute candles, was the result of irrepressible mass public appetite for $820 Bitcoin.

I will concede that I don't know what the fuck is happening here but it reeks of fish.

On the other hand, in the 8 years since I started taking amphetamines, my salary has increased by a factor of 4. Each individual has unique talents and unique needs.

say no to drugs kids, or this will be you

On the contrary.

Back then, I viewed Bitcoin with much ideological 'fight the banksters' esteem and I always intended to hold onto a pile of Bitcoins just to 'support' the cause. But the problem was that me n my mates are Silk Road regulars. And for that we needed to spend Bitcoins.....and then Intersango got effectively closed down leaving no easy way (that we knew about) to get hold of coins for the Road....so the stash got depleted. I don't delude myself for a minute though that I might otherwise have been a Bitcoin millionaire as I know very well that as soon as I seen that I had multiplied my money by three or four times, I would have creamed my pants and cashed out.

The only way I could be a Bitcoin millionaire today, would be if I fell into a coma sometime in 2012, and came out of it in late November 2013.

If Huobi/China was irrelevant to USD Bitcoin valuation, then the USD exchanges wouldn't have budged an inch as Huobi plunged, but the panic overwhelmed the price moulding trading algorithms on the exchanges, and plunge we did.

what % of coins trading on Huobi would actually make be dumped on the market or routed to Western exchanges? but really, even with a good estimate on that (maybe based on the first China bad news drop in December), no idea how many coins are really on these exchanges at this point (like Huobi, Okcoin). could be much less than volume signifies b/c of 0% trade fees and manipulated reported volume (a la Okcoin).

A big pile of coins in Chinese hands suddenly becoming like monopoly money going to any trader who can get them a scrap of value for them?
...
You do realise that one day very soon, Huobi is going to trade down to 0 don't you, and then it isn't going to exist. Bullish or bearish?

A big pile of coins in Chinese hands suddenly becoming like monopoly money going to any trader who can get them a scrap of value for them?

I don't know why the Chinese are still trading them up and down or why Huobi still accounts for 70% of daily Bitcoin trading (yeah, I know there are 0% trading fees but this is still ridiculous), but look what happened when Huobi started to sell off at the weekend. For the first 60 minutes, nothing happened on Bitstamp. Shows how well the price upholding bots can do their job, but eventually, price on Bitstamp started to slip. If China's exit is irrelevant to USD Bitcoin, why did all the USD exchanges start to crash? Perhaps the Joe Bloggs traders were all looking nervously across thinking "this is it, here comes the big one, RUNNNNNNAWAY!"?

You do realise that one day very soon, Huobi is going to trade down to 0 don't you, and then it isn't going to exist. Bullish or bearish

AAARRRGGGHHH "looming china exit" again.  WTF does that MEAN?

You're not newcomer, you had your 10$ coins, that's still 1400% cheaper than first coins I ever bought. The only difference is that I haven't cashed out mine but traded them to many more and trade them all the time with only one thing on my mind - to make more coins, that will cover any eventual price drop so I couldn't care less about price unlessit goes to 100$ or your old 10s and that most probably won't ever happen.

You have to be ready for both sides of the market, and not exclude any of it. But on the end, after all that Bitcoin has done, being bull is always a better option and one should never go to be so much bear to sell all of his coins.

U reckon a huge bet placed, possibly with insider info on how the NY hearings are going to go?

U are making my fingers twitch over the all-in long button here!

That's my  point. I don't think they were dumb.They are placing a bet, Sunday night before the NY hearings, market at 820. 

That was a record breaking volume required to devour a massive Ask wall that had accumulated at the $820 range.

I doubt for a second that this surge in volume, 900 BTC worth of it occurring in one fell strike, the majority of the rest of it hitting within two seperate 1 minute candles, was the result of irrepressible mass public appetite for $820 Bitcoin.

I will concede that I don't know what the fuck is happening here but it reeks of fish.

A 1500 strong Ask wall (on Bitstamp) should not be getting devoured in these conditions, with so much uncertainty surrounding Bitcoin just around the corner, but it was. So this is surely a bullish signal? That was around 3 million worth of USD trade done at these prices. That was some serious money getting into the game, wasn't it not?

........Or was it just a syndicate of whales playing pass the parcel with a big bunch of Bitcoins?

I would like to have a track record of the accounts operating on the exchanges during these crucial, crunch, and entirely unexpected and unpredictable turns of trading momentum. I guess this is why this stuff must be made public domain on real exchanges, in order to give market participants a clearer view if what is going on behind the trades.

There are powerful forces at work that are determined to keep Bitcoin upheld during this time and I have decided that it isn't wise to bet against them and am fortunate enough to be getting out almost breaking even in doing so. I won't be betting with them either as they have an 'enemy' in the far east that although perhaps not powerful enough to bring them down completely, is certainly powerful enough to tear lumps out of them.

I used to have an ideological view of Bitcoin and was actually amongst the 'early adopters' or users rather, but unfortunately for me I never held onto any of the hundreds of sub $10 Bitcoins that I have bought in the past and I now view Bitcoin as a nasty pernicious vapour asset that will invariably either be killed off, or end up being cornered and controlled by the usual suspects. Freedom it aint going to be, quite the opposite infact.

Because of the aforementioned 'Yellow Peril' that powerful USD based entities are moving to protect Bitcoin against, I think the wisest thing for any Johnny come lately investor to do is sit back and wait. The whales are making great efforts to hold Bitcoin at this level, but the dragon has not even started to breath its fire down on Bitcoin, yet.