Question about Speculation - page 3.

jackg

copper member

Activity: 2856

Merit: 3071

https://bit.ly/387FXHi lightning theory

Quote from: BlackHatCoiner on June 01, 2020, 06:49:20 PM

So basically you can say that millionaires of localbitcoins and other selling sites kinda control the price?

I mean I doubt they're happy to keep wasting money if it doesn't go their way then sure... Lbc charge 1% and a lot of other sites charge quite a bit (although coinbase reduces fees on high amounts of trades).

exstasie

legendary

Activity: 1806

Merit: 1521

Quote from: BlackHatCoiner on June 01, 2020, 06:34:56 PM

Hello, few minutes ago price of BTC went from 8700$ to 9000$

I haven't searched it here neither googled it but how and why does this happen? Sorry if it sounds stupid. Does it have to do with buying? Did many people bought bitcoins that time? That's why it got increased?

I assume you mean the push to $10K just now? $8,700 to $9K happened last week.

In simple terms, yes, buyers took all available asks on the order book, driving prices higher.

In more complex terms, price was ranging sideways for days. When price is ranging sideways, people are buying and selling and longing and shorting, so when price finally breaks out of the range, lots of traders and investors are piled on the wrong side of the market. So breaking above the May 30th pivot caused lots of panic buying.

BlackHatCoiner

legendary

Activity: 1512

Merit: 7340

Farewell, Leo

So basically you can say that millionaires of localbitcoins and other selling sites kinda control the price?

jackg

copper member

Activity: 2856

Merit: 3071

https://bit.ly/387FXHi lightning theory

Yeah orders get listed on an exchange and get taken by someone who sees it as reasonable in price.

These orders can be considered as walls, the equilibrium point (where we are) is the current price it's bought for. In the order book there are bidding prices and asking prices and either can be filled by someone with enough funds to clear. As more buys occur, we climb the wall, as more sells occur we absail or drop down it).

If you've ever done a market buy, you're just telling the exchange to pick the best available rate for you which might not be as favourable but it's faster at getting filled.

tippytoes

sr. member

Activity: 1988

Merit: 275

And now as we speak, btc is already in the $10k level. I guess you have a lot of things to know about crypto. Very simple, the price is driven by supply and demand concept. Though we don't know the exact reason why it is going up but there are a lot of contributing factors about this price change. You really can't get the answer just by googling it because there is no definite answer why btc is increasing.

BlackHatCoiner

legendary

Activity: 1512

Merit: 7340

Farewell, Leo

Hello, few minutes ago price of BTC went from 8700$ to 9000$

I haven't searched it here neither googled it but how and why does this happen? Sorry if it sounds stupid. Does it have to do with buying? Did many people bought bitcoins that time? That's why it got increased?

Topic: Question about Speculation - page 3. (Read 621 times)