My current tinfoil hat theory, is that all of this going on for the last weeks to instill fear into the mtgox coin owners so more sell when the time comes.
Topic: Today (05/07) more than 3x of the BTC were sold than MtGox will pay out in July - page 3. (Read 563 times)
June 25, 2024, 10:44:11 AM
June 25, 2024, 09:37:54 AM
Main point about Gox is there is no real shock effect, we know and have known for so long. Its in the price already, Im more wary about news and negatives that are still to come. Politics, economics, natural disasters anything at all can arrive today and we had no idea previously.
The price drew near to the 200 day average but did not touch. In fact we improved on the May low so far and its bounced some. The measure of strength comes from that quality in the bounce, repeated selling from there will have us touch the 200 day average.
I expect now or at some point this year the 200 day average is where we determine strength. As 200DMA is rising, its a point of interest repeated from here on until BTC can accelerate upwards properly or possibly fail and pass below when then proven weak.
The price drew near to the 200 day average but did not touch. In fact we improved on the May low so far and its bounced some. The measure of strength comes from that quality in the bounce, repeated selling from there will have us touch the 200 day average.
I expect now or at some point this year the 200 day average is where we determine strength. As 200DMA is rising, its a point of interest repeated from here on until BTC can accelerate upwards properly or possibly fail and pass below when then proven weak.
June 25, 2024, 08:32:21 AM
The one thing that nobody talks about is how much of the MtGox stuff CAN'T be sold quickly.
Some people have died and it's in a trust and it has to go though the estate.
Some people owe money and it's going to their creditors after it goes through the courts.
And so on.
Some people are getting so little vs their 'real' holdings that it's not worth selling.
And so on.
-Dave
Some people have died and it's in a trust and it has to go though the estate.
Some people owe money and it's going to their creditors after it goes through the courts.
And so on.
Some people are getting so little vs their 'real' holdings that it's not worth selling.
And so on.
-Dave
June 25, 2024, 08:21:56 AM
I am thinking right now that the price may go down since traders will believe that all the bitcoins Mt.Gox plan to release in July will be sold on centralized exchanges, and that will make them to short the market irrespective of what the current holders of those bitcoins decide to do. Is there anyone who have had this thought crossed their minds too?
And it just shows the that ghost of Mt. Gox is still haunting us after so many years. But still even if everyone sold, it might not put a dent on the market as others might have suggested. We should also cast doubts that in one day everyone is going to sell.
I think those who are going to received their Bitcoin might be thinking of not just selling just for the sake of taking the money. I mean they have been waiting, it's true, but what is to wait till next year when the price goes to 6 digits, which mean more profit for them so it doesn't make sense to dump it in July.
June 25, 2024, 08:21:16 AM
Sometimes it's pittiable to see that there are people who still don't understand the market derivation and how it's being controlled over the time and of course we know that it's not stable as expected but we should think that it's a natural thing that occurrs in the market where price aren't always stable instead some form of news could hit the market were the minor trader don't mind selling off their holdings to take profits and secure their asset from draining below what they already had at currently given more strength to the whales who are only looking for smallest opportunity to accumulate more bitcoin to their portfolios.
June 25, 2024, 07:37:57 AM
Can't say much but it should be a simple maths to digest in, that a single entity in the person of Mt Gox can't bring a strong fall against the resilience of bitcoin long term hodlers. Bitcoin is too large for a one single fellow to shake the chain. Maybe small weak hands may wither learning about what July holds about the Mt Gox BTCsale but it's all a distraction towards the bull run.
June 25, 2024, 12:27:08 AM
I am thinking right now that the price may go down since traders will believe that all the bitcoins Mt.Gox plan to release in July will be sold on centralized exchanges, and that will make them to short the market irrespective of what the current holders of those bitcoins decide to do. Is there anyone who have had this thought crossed their minds too?
June 24, 2024, 09:52:11 PM
Further reminders to anyone who still thinks a single entity selloff makes a lasting impact. Gox panic is old, yet it still makes people worry. MicroStrategy panic probably still has the same psychological effect but equally impermanent market rub, if any.
Move along now.
Move along now.
June 24, 2024, 06:05:32 PM
Today the Bitcoin trading volume was around 45 billion. As you can see here in the historical data, in most of the past days the Bitcoin trade volume was around 20-30 billion on weekdays and 10-15 billion on weekends (ignore the volume today, it's incomplete), with one exception being June 19 with 41 billion.
We can thus safely assume that 10 to 15 billion more Bitcoins were traded today than on a "normal" day of the week.
Some strategies have been known to work in these times where there are expectations on the market. The halving is just a couple of weeks behind us and many including myself are still in expectation of the bullrun to kick in and as such, a lot of manipulations could be done to push weak hands to panic sell so that, a lot of others could accumulate. This could obviously be some of that situation where, the market is been flooded with coins to dump it, just to buy back from a low and have it pump in no time.We can thus safely assume that 10 to 15 billion more Bitcoins were traded today than on a "normal" day of the week.
It would be a pity for those that would be selling at this time due to the depleting price of Bitcoin on the market. I think this could be the fall before the rise as, I never thought we would find price within the $60k zone no more but price at the moment is just a little bit below $60k.
June 24, 2024, 05:41:47 PM
So you are panicking due to MtGox's payments in July? With 140.000 BTC flooding the market, driving the price of Bitcoin to 0, or just close to that?
Well, think again.
Today the Bitcoin trading volume was around 45 billion. As you can see here in the historical data, in most of the past days the Bitcoin trade volume was around 20-30 billion on weekdays and 10-15 billion on weekends (ignore the volume today, it's incomplete), with one exception being June 19 with 41 billion.
We can thus safely assume that 10 to 15 billion more Bitcoins were traded today than on a "normal" day of the week.
Now, were these coins bought or sold? Well, the price is telling us that the vast majority were sell orders.
The 140,000 GoxBTC are currently (at ~$60.000) worth slightly less than 9 billion.
This means that today the panicking Bitcoin holders sold more coins than all the Goxcoins that will be sold in July.
Draw your own conclusions
07-05-24: Edited title. Again: MtGox hasn't paid out a single Bitcoin, and panicking weak hands sold about 400.000 BTC this time
(Explanation in other post.)
Well, think again.
Today the Bitcoin trading volume was around 45 billion. As you can see here in the historical data, in most of the past days the Bitcoin trade volume was around 20-30 billion on weekdays and 10-15 billion on weekends (ignore the volume today, it's incomplete), with one exception being June 19 with 41 billion.
We can thus safely assume that 10 to 15 billion more Bitcoins were traded today than on a "normal" day of the week.
Now, were these coins bought or sold? Well, the price is telling us that the vast majority were sell orders.
The 140,000 GoxBTC are currently (at ~$60.000) worth slightly less than 9 billion.
This means that today the panicking Bitcoin holders sold more coins than all the Goxcoins that will be sold in July.
Draw your own conclusions
07-05-24: Edited title. Again: MtGox hasn't paid out a single Bitcoin, and panicking weak hands sold about 400.000 BTC this time
(Explanation in other post.) Jump to: