Topic: Hype From US Marshal’s Auction Did Not Help Bitcoin Price (Read 1561 times)
I think Bitcoins could have another strong dip. Probably to the 180-200 range. It won't stay that low though. Should bounce up pretty quick.
Yeah, I also have to say that that auction could never have pushed the price up in any way. More coins on the market push the price down or at least channel buying power form the participants of the auction, that could have went into buying the coins at spot price, otherwise...
Hype
How is the US Marshals auction supposed to help the Bitcoin price? I mean those are 50k coins being released onto the open market (potentially). An increasing supply never causes the price to go up... In fact the news about the auction crashed the price slightly when it was released!
How is the US Marshals auction supposed to help the Bitcoin price? I mean those are 50k coins being released onto the open market (potentially). An increasing supply never causes the price to go up... In fact the news about the auction crashed the price slightly when it was released!And held pretty solid since then (remember, this is a medium-term bear talking, I am trying to be objective!)
As they said they were likely to hold another auction in Q1, it was probably pretty much priced in. We've all known for a long time that these coins were for sale, and this auction was pretty well telegraphed.
The final one has a chance of being a 'cork-out-of-the-bottle' moment ... last chance to grab 50k in one hit (not true, but a good story
)Just trying on a bull-suit for size ... not sure it fits well over the bear fur ... might have to remove that first
Hype How is the US Marshals auction supposed to help the Bitcoin price? I mean those are 50k coins being released onto the open market (potentially). An increasing supply never causes the price to go up... In fact the news about the auction crashed the price slightly when it was released!
How is the US Marshals auction supposed to help the Bitcoin price? I mean those are 50k coins being released onto the open market (potentially). An increasing supply never causes the price to go up... In fact the news about the auction crashed the price slightly when it was released!
I think at this price, hovering not far from the lows, the odds are higher of someone buying all the coins, possibly above market, than they were last time.
If not this auction, then quite likely in the final one, depending on price at the time. It would the the last of the 'known' coins overhanging the market and a not insignificant event.
Disclaimer: I still think we are in a bear market, so don't take this as someone trying to 'talk it up', I just think the probability is higher than last time.
If this does not happen, I think we see new lows pretty quickly.
If not this auction, then quite likely in the final one, depending on price at the time. It would the the last of the 'known' coins overhanging the market and a not insignificant event.
Disclaimer: I still think we are in a bear market, so don't take this as someone trying to 'talk it up', I just think the probability is higher than last time.
If this does not happen, I think we see new lows pretty quickly.
IMO I think it will depend on the final auction prices and what the holders decide to do with their newly acquired BTC.
They may just dump for a profit depending on sale price or hold out for a big ROI, who knows?
They may just dump for a profit depending on sale price or hold out for a big ROI, who knows?
Impossible to know even after the fact, because correlation is not causation.
Bitcoin Price Drops Again, Hype From US Marshal’s Auction Did Not Help
Will the price go up or drop when the auction comes?
Will the price go up or drop when the auction comes?
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