Finally Some Sensible News About Bitcoin price rally!

raphma

sr. member

Activity: 350

Merit: 250

Quote from: Joel_Jantsen on June 02, 2016, 06:57:22 PM

Australian police bitcoin auction
Australia police will be auctioning off 24518 bitcoins, worth around USD$12.9m, confiscated as ‘proceeds of crime’. The auction will start at 12.01am AEST on 20th June 2016 and held over 48 hours in tranches of 2000 bitcoins.
Based on past auctions by the US Marshals Service, the events seem to spur investor interest and boosted bitcoin prices before the sale.

damn, this is big!
20th june i'll be shorting bitcoin at okcoin Cool

buyers will probably sell these beauties, and with such volume we might see a big red candle.

thejaytiesto

legendary

Activity: 1358

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Mainstream media is already starting to report on the Bitcoin rally:

http://www.bloomberg.com/news/videos/2016-06-16/what-s-driving-the-bitcoin-rally

I still haven't seen the video, I will watch later but I don't expect much from mainstream media anyway. In any case, it's always cool to see Bitcoin on the big TV stations.

Schuyler

hero member

Activity: 518

Merit: 500

With that news, more and more people would want to catch the train and hop aboard, especially the Chinese. Strength in numbers is not just a slogan for the Golden State Warriors but also for these Chinese investors looking for ways to hedge their money. Good news doesn't come too often, and this might trigger another surge maybe towards $800?

Pursuer

legendary

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Where is my ring of blades...

Quote from: n691309 on June 17, 2016, 04:24:13 AM

Quote from: davis196 on June 17, 2016, 04:16:25 AM

Can bitcoins worth 13 million USD have influence over the worldwide btc market worth 10 Billion dollars?

13m USD is around 0.013% of all btc worth.Will this affect the market?

I think yes, it can influence the bitcoin price if the winner of that auction sells immediately those 24,518BTC. We should not count those as a part of total market cap because not all bitcoins are usable today, many of them are lost and a great number of them haven't been moved for many years.

first of all the winner of such auction who buys 24,518BTC which is worth ~18.4 million dollars knows better not to dump all at once. and even if he sells them all at once he is not going to do it on regular exchanges on regular buy orderbook that you are seeing. so there is no effect publicly which can change anything about the price!

besides this IS NOT THE FIRST TIME police is auctioning bitcoin that they have confiscated! and each time I hear the same thing here people saying price will go down because of it and nothing actually happens.

n691309

legendary

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Quote from: davis196 on June 17, 2016, 04:16:25 AM

Can bitcoins worth 13 million USD have influence over the worldwide btc market worth 10 Billion dollars?

13m USD is around 0.013% of all btc worth.Will this affect the market?

I think yes, it can influence the bitcoin price if the winner of that auction sells immediately those 24,518BTC. We should not count those as a part of total market cap because not all bitcoins are usable today, many of them are lost and a great number of them haven't been moved for many years.

davis196

hero member

Activity: 2968

Merit: 913

Quote from: Joel_Jantsen on June 02, 2016, 06:57:22 PM

Nothing fancy.Its halving ,we get it.Came across this article which mentions couple of other good (weird) happenings in the bitcoin world :

The original article : https://e27.co/bitcoin-price-rally-really-going-20160602/

Important quotes for lazy readers :

Quote

China’s central bank has set the yuan daily reference rate at 6.5784 on 25 May 2016, the weakest level since February 2011.
Due to restrictions on bank transfers and moving cash out of the country, people have come up with various ways to move their money, bitcoin being one of them. Yuan devaluation can be a factor driving up the price of bitcoin.

Quote

Australian police bitcoin auction
Australia police will be auctioning off 24518 bitcoins, worth around USD$12.9m, confiscated as ‘proceeds of crime’. The auction will start at 12.01am AEST on 20th June 2016 and held over 48 hours in tranches of 2000 bitcoins.
Based on past auctions by the US Marshals Service, the events seem to spur investor interest and boosted bitcoin prices before the sale.

Quote

The risk is that if the buyers of these bitcoins sell them immediately, they will flood the market and drive down the price of bitcoins.

Can bitcoins worth 13 million USD have influence over the worldwide btc market worth 10 Billion dollars?

13m USD is around 0.013% of all btc worth.Will this affect the market?

TastyChillySauce00

legendary

Activity: 2982

Merit: 1028

Leading Crypto Sports Betting & Casino Platform

australian police take advantage of this price rally lol,i don't really sure but they'll not actually make an offline auction right,i mean their auction will give affect to the bitcoin prices right now and could probably make the price falling down again

longbob72

hero member

Activity: 574

Merit: 503

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The news about china is quite old, actually. It was known well before the price rally started (even that article is from two weeks ago.). It's still a good news though.

Quote from: unamis76 on June 16, 2016, 04:46:15 PM

Curious about how the Australian police got on apprehending all those Bitcoins... What crimes were they seized for? And the auction... curious about who are the bidders.

They got it from a Silk Road drug dealer named Richard Pollard.

serje

legendary

Activity: 1232

Merit: 1002

I wish I could buy all the BTC that will be auctioned by Australia, or at least a part of them even if the price will go up to 1500$ on 20 June

The price will be around 2500$ at the end of the month, will go a little down and then will only have oscillations between 2100$ and 2400$

Stay for another two or three rounds of hold and you will never regret it!

unamis76

legendary

Activity: 1512

Merit: 1009

Curious about how the Australian police got on apprehending all those Bitcoins... What crimes were they seized for? And the auction... curious about who are the bidders.

StoreBit

full member

Activity: 210

Merit: 100

such kind of news are wonder in the market for last so months. i think this time the potential is a little different. i think because the rate is now so high and the people are especting that the rate will come to a little downword.

Joel_Jantsen

legendary

Activity: 1876

Merit: 1308

Get your game girl

Nothing fancy.Its halving ,we get it.Came across this article which mentions couple of other good (weird) happenings in the bitcoin world :

The original article : https://e27.co/bitcoin-price-rally-really-going-20160602/

Important quotes for lazy readers :

Quote

China’s central bank has set the yuan daily reference rate at 6.5784 on 25 May 2016, the weakest level since February 2011.
Due to restrictions on bank transfers and moving cash out of the country, people have come up with various ways to move their money, bitcoin being one of them. Yuan devaluation can be a factor driving up the price of bitcoin.

Quote

Australian police bitcoin auction
Australia police will be auctioning off 24518 bitcoins, worth around USD$12.9m, confiscated as ‘proceeds of crime’. The auction will start at 12.01am AEST on 20th June 2016 and held over 48 hours in tranches of 2000 bitcoins.
Based on past auctions by the US Marshals Service, the events seem to spur investor interest and boosted bitcoin prices before the sale.

Quote

The risk is that if the buyers of these bitcoins sell them immediately, they will flood the market and drive down the price of bitcoins.

Topic: Finally Some Sensible News About Bitcoin price rally! (Read 627 times)