Quick Market Analysis - 7/29 10 PM EST - page 2.

DrYe5

sr. member

Activity: 490

Merit: 250

Quote from: evoorhees on June 29, 2011, 09:53:12 PM

Maybe I'm a noob here... but how are these figures relevant when there are "dark pools" which hide X amount of orders?

Furthermore, how many people just sit on the sidelines watching, without putting in formal bids? If I want to trade at X price, it doesn't mean I'll have a standing bid.

Seems that these are very big unknowns, no?

Well that certainly leaves a lot of BTC to be accounted for. How much more than $800k do you think people are trying to spend on BTC?

Which dark pools exactly?

evoorhees

legendary

Activity: 1008

Merit: 1023

Democracy is the original 51% attack

Maybe I'm a noob here... but how are these figures relevant when there are "dark pools" which hide X amount of orders?

Furthermore, how many people just sit on the sidelines watching, without putting in formal bids? If I want to trade at X price, it doesn't mean I'll have a standing bid.

Seems that these are very big unknowns, no?

peach

newbie

Activity: 56

Merit: 0

Well said, DrYe5. I foresee either very nominal price increases or price drops in the short term.

fascistmuffin

newbie

Activity: 56

Merit: 0

I don't think miners are happy with the price being so low. The difficulty increased by 50%, and the market still hasn't changed. A lot of miners are holding on BTC hoping that price will follow the difficulty since mining profitability has effectively halved.

DrYe5

sr. member

Activity: 490

Merit: 250

TH Asks: $253,500.1
Gox Asks: $277,886.64
TH Bids: $160,727.65
Gox Bids: $643,869.39

Total Market Cap.: $1,335,983.78

TH Asks: 9,908.38 BTC
Gox Asks: 1,5696.07 BTC

25,604.45 BTC in Market
0.38% of all BTC Making the Market

TH + Gox Bids: 227,935.33 BTC
3.404% of all BTC Demanded

With so few bitcoins in the market place, it's safe to assume that the price is inflated. Long-time miners likely hold most of it and are currently responsible for the downward pressures. I believe most of the large holders are devout believers in bitcoin and will defend the price. I wouldn't rule out a fall to previous trading ranges.

EDIT: As discussed later in the thread, these values only represent fractions of Mt. Gox orderbook.

Topic: Quick Market Analysis - 7/29 10 PM EST - page 2. (Read 2697 times)