Topic: 8/2/11 Downturn / Speculation Thread - page 2. (Read 2031 times)
Why is no one considering that it's the beginning of the month and people have bills to pay. It isn't a stretch of logic that the people with the most bitcoins most likely also have the most overhead in mining them. A small $2 price difference to someone with 10K BTC is thousands of dollars.
Markets all around today sucked . .
You're not kidding. Thank those idiots in Washington, DC for that. Then they left for vacation. What a country.
Markets all around today sucked . .
As predicted the canadian market is almost bereft of buyers... Right now the only offers are for 7 bitcoins total at the $10 mark, the rest are $3 or lower
Buyer volume is dead on Mtgox, expect the price to fall further. Britcoin volumes for buyers are also down
Buyer volume is dead on Mtgox, expect the price to fall further. Britcoin volumes for buyers are also down
I agree that today's action may be part of a more general pattern of unwinding risk. I'm totally agnostic though about how far it will go or when it will rebound.
Volumes on Mtgox appear to be pushing the price down to stabilize around 11.5-12$ USD
CAD and GBP markets are getting hammered because the UK and Canada have less faith in BTC, particularly Canada. Buying BTC from Canada and reselling on Mtgox right now should net a healthy 4-8% until the slide at Mtgox stops. Canada buyer volumes are particularly bad right now, expect price to hit $9-10 CAD by the end of the day unless there is a turnaround at Mtgox
Trade volume at Mtgox is heavy, which is good. A small downturn is the inevitable effect of increasing difficulty as users cash out because of reduced profitability, so I would expect price to rise later this week as BTC become more scarce from the greater difficulty and the people who are selling off diminish. DJIA/S&P 500 also hit hard today so speculative investors may also be trying to cut their losses and sell off.
CAD and GBP markets are getting hammered because the UK and Canada have less faith in BTC, particularly Canada. Buying BTC from Canada and reselling on Mtgox right now should net a healthy 4-8% until the slide at Mtgox stops. Canada buyer volumes are particularly bad right now, expect price to hit $9-10 CAD by the end of the day unless there is a turnaround at Mtgox
Trade volume at Mtgox is heavy, which is good. A small downturn is the inevitable effect of increasing difficulty as users cash out because of reduced profitability, so I would expect price to rise later this week as BTC become more scarce from the greater difficulty and the people who are selling off diminish. DJIA/S&P 500 also hit hard today so speculative investors may also be trying to cut their losses and sell off.
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