wait a second everyone
have you forgotten that the OP has been mining since 2011?
Topic: [Apr 30, 2013] Reason for the dump that started today's 10$+ drop? (Read 3843 times)
April 30, 2013, 10:16:00 PM
Quote
Bitcoin isn't the new cool thing anymore.
Not exactly what caused today's slump, but the change of sentiment that accompanied the collapse of the bubble at $266 is now sort of a depressing weight pulling prices down.
April 30, 2013, 09:28:57 PM
I blame the troll box on BCT-e. It's full of kiddies who call CRASH! when it moves a buck or two up or down. I think Bitcoin has brought in a lot of people who don't know shit about how markets move, whether it's silver, gold, stocks, soybeans or pork bellies, they all do the same thing: move up and down! Granted the volitility of bitcoin is quite extreme compared to anything else, but this should just tell you that a $10 dollar move is NOTHING.
April 30, 2013, 08:57:43 PM
there is no place of significance that you can short. gox doesn't follow other exchanges. the other exchanges follow gox.
the price ran up $10 yesterday. today its down $10 and back where it started
this is a non-event. stop wasting everyones time just cause you bought higher yesterday and now are scared
the price ran up $10 yesterday. today its down $10 and back where it started
this is a non-event. stop wasting everyones time just cause you bought higher yesterday and now are scared
lol April 30, 2013, 08:55:31 PM
1. BitPay (or another subject with loads of coins to burn) shorting at the end of the month in order to buy in cheaper
2. 1st of May is labour day, banks are closed in many countries, people dumping because they expect a mini-weekend-dip-alike
3. Most "get rich quick" people are leaving the building after having gotten hurt by buying at 200+$
4. Bitcoin isn't the new cool thing anymore. Google Trends is in decline. Bitcoin got its 5 minutes of celebrity and now it's back to being play-money (notice how low the volume is if compared to March)
5. Others? Write your own or let me know if you agree with any of the above...
(disclaimer: I am long bitcoin and yes I hope they'll skyrocket but still I try to stay objective as opposed to delusional bull)
2. 1st of May is labour day, banks are closed in many countries, people dumping because they expect a mini-weekend-dip-alike
3. Most "get rich quick" people are leaving the building after having gotten hurt by buying at 200+$
4. Bitcoin isn't the new cool thing anymore. Google Trends is in decline. Bitcoin got its 5 minutes of celebrity and now it's back to being play-money (notice how low the volume is if compared to March)
5. Others? Write your own or let me know if you agree with any of the above...
(disclaimer: I am long bitcoin and yes I hope they'll skyrocket but still I try to stay objective as opposed to delusional bull)
good post. i agree with them all.
April 30, 2013, 08:03:35 PM
I assume someone had a sudden need for ~800k in national currency.
"but the price touched the bottom of the screen so it is a dump right?"
It was a dump because there was a sudden spike in volume combined with a sudden drop in price. The most obvious explanation for that is someone market-selling a large number of coins. Of course, it's not necessarily important in the big picture - not every "dump" actually matters. But what would you call a volatility spike combined with a price drop?If that is the logic you are going to use then a price change of $0.01 would be a "dump" right?
Zoom into 1 minute chart....sell of 0.02 bitcoins....AHHH the price is crashing!
April 30, 2013, 08:02:42 PM
I don't understand... the price action today is pretty much the same as it was yesterday, and the day before. Up $5, down $10, up $15, down 7, up 2, up 4, down 10, up 5,
Nothing significant occurred.
Someone explain to me why this thread exists?
Why don't we make a thread like this every time there is a $10 decline in price or a $5 rally, and try to figure out why it happened? Oh right, because it happens every single fucking day.
We have a thread for that, it's called "Wall Observer Thread," Mr. "I'm so experienced, I've been mining since 2011"
Nothing significant occurred.
Someone explain to me why this thread exists?
Why don't we make a thread like this every time there is a $10 decline in price or a $5 rally, and try to figure out why it happened? Oh right, because it happens every single fucking day.
We have a thread for that, it's called "Wall Observer Thread," Mr. "I'm so experienced, I've been mining since 2011" April 30, 2013, 07:45:44 PM
Perhaps the fool who spent $75,300 on breaking down the 145 wall yesterday evening decided to cut his losses and get out.
What did this person do and how do you know about it? Genuine question - I'm new to trading.
I was watching the tickers at clark moody and bitcoinity when it happened. In the span of about 4 seconds the entire sell wall at 145 (not 144.999 or 145.0001) disintegrated. The exactness of it seemed to indicate it was almost entirely one buyer placing a large buy order at 145 precisely for some ~520 coins.
It could be coincidence or something else, but it was unusual behavior in my eyes. Panic buying does not start or stop so precisely.
April 30, 2013, 06:19:10 PM
there is no place of significance that you can short. gox doesn't follow other exchanges. the other exchanges follow gox.
the price ran up $10 yesterday. today its down $10 and back where it started
this is a non-event. stop wasting everyones time just cause you bought higher yesterday and now are scared
the price ran up $10 yesterday. today its down $10 and back where it started
this is a non-event. stop wasting everyones time just cause you bought higher yesterday and now are scared
you didn't have to read his post, nor write a reply...
or I for you for that matter... what a waste of eye and finger energy
April 30, 2013, 06:10:22 PM
i'm gonna say... the reason was that someone wanted to buy some dollars?
April 30, 2013, 04:22:07 PM
Perhaps the fool who spent $75,300 on breaking down the 145 wall yesterday evening decided to cut his losses and get out.
What did this person do and how do you know about it? Genuine question - I'm new to trading.
April 30, 2013, 03:24:22 PM
noone knows since noone is talking to anyone
the buy walls are low since some people HOPE it'll crash. why buy at $130 when it could possibly be $100 based on randomness.
the volatility is good for certain lucky day traders.
it could be going up or down and noone would be able to tell you who is moving it where why how much or anything.
until more fundamentals are established this will continue
the buy walls are low since some people HOPE it'll crash. why buy at $130 when it could possibly be $100 based on randomness.
the volatility is good for certain lucky day traders.
it could be going up or down and noone would be able to tell you who is moving it where why how much or anything.
until more fundamentals are established this will continue
April 30, 2013, 03:09:14 PM
Needed furniture and capital :p
April 30, 2013, 02:50:25 PM
someone sold some coins.. i felt the market wasnt moving up anymore and volumes were to low for me.. so .. sold my coins.. too and so it went on and on..
-triggerd some stop orders probably..
-shorters see an opportunity too and puch price down as far as they can..
-gox lag did induce the panic (1min or something)
now there's some good news.. the shorters will have buy back coins.. so.. price will eventualy go up, the order book is still to thin for them to do .right now..
basically:
if the market was ready for a rally... this would not have happend.. the selloff would have been stopped and eaten alive..
-triggerd some stop orders probably..
-shorters see an opportunity too and puch price down as far as they can..
-gox lag did induce the panic (1min or something)
now there's some good news.. the shorters will have buy back coins.. so.. price will eventualy go up, the order book is still to thin for them to do .right now..
basically:
if the market was ready for a rally... this would not have happend.. the selloff would have been stopped and eaten alive..
April 30, 2013, 02:08:55 PM
Perhaps the fool who spent $75,300 on breaking down the 145 wall yesterday evening decided to cut his losses and get out.
April 30, 2013, 01:59:18 PM
Who is more important in the bitcoin price? most of you says "i was here in 2011" but do you understand 146$ without the "only 1 month" people in bitcoin? without the new people the bitcoin price was 80$, can you explain why we have to trust in bitcoin at 146? if not you can begin to sell now because if we dont trust sell yours, you will have 80$ bitcoins.
Sorry, I can't understand your writing.
I think you're trying to say that bitcoin price is up because of all the people who joined in the last month, otherwise it would be 80$.
I won't start debating over that argument of yours as it's not pertinent to the topic of the thread.
I also guess you are annoyed at my saying "I'm here since 2011" while you're a newcomer. But that reply of mine was not intended for you. That was just like "trolling a troll". Hope I did not offend anyone in the process and sorry if I did.
Cheers and welcome to the party
April 30, 2013, 01:43:06 PM
Who is more important in the bitcoin price? most of you says "i was here in 2011" but do you understand 146$ without the "only 1 month" people in bitcoin? without the new people the bitcoin price was 80$, can you explain why we have to trust in bitcoin at 146? if not you can begin to sell now because if we dont trust sell yours, you will have 80$ bitcoins.
April 30, 2013, 01:31:39 PM
1. BitPay (or another subject with loads of coins to burn) shorting at the end of the month in order to buy in cheaper
2. 1st of May is labour day, banks are closed in many countries, people dumping because they expect a mini-weekend-dip-alike
3. Most "get rich quick" people are leaving the building after having gotten hurt by buying at 200+$
4. Bitcoin isn't the new cool thing anymore. Google Trends is in decline. Bitcoin got its 5 minutes of celebrity and now it's back to being play-money (notice how low the volume is if compared to March)
5. Others? Write your own or let me know if you agree with any of the above...
(disclaimer: I am long bitcoin and yes I hope they'll skyrocket but still I try to stay objective as opposed to delusional bull)
2. 1st of May is labour day, banks are closed in many countries, people dumping because they expect a mini-weekend-dip-alike
3. Most "get rich quick" people are leaving the building after having gotten hurt by buying at 200+$
4. Bitcoin isn't the new cool thing anymore. Google Trends is in decline. Bitcoin got its 5 minutes of celebrity and now it's back to being play-money (notice how low the volume is if compared to March)
5. Others? Write your own or let me know if you agree with any of the above...
(disclaimer: I am long bitcoin and yes I hope they'll skyrocket but still I try to stay objective as opposed to delusional bull)
1st May - Labor day + 5th May - Orthodox Easter, in many countries first working day will be 6th May.
April 30, 2013, 01:29:37 PM
I assume someone had a sudden need for ~800k in national currency.
"but the price touched the bottom of the screen so it is a dump right?"
It was a dump because there was a sudden spike in volume combined with a sudden drop in price. The most obvious explanation for that is someone market-selling a large number of coins. Of course, it's not necessarily important in the big picture - not every "dump" actually matters. But what would you call a volatility spike combined with a price drop? April 30, 2013, 01:27:44 PM
To be fair, lots of people been running around the spec forum going on about a big rally week starting TODAY.... and we have the opposite. :shrug:
Jump to: