I wouldn't consider bitcoin as a "safe" heaven, but the alternatives have turned sour in the last few days/months...
Gold and silver are down
stocks just took a beating (2008 in the making ?)
fiat is being constantly inflated
commodities are up but for investing
so probably a lot of investors are getting out of the stock market at the moment and while they won't go all in we may see some now money testing the waters over the next few weeks.
Topic: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion - page 33432. (Read 26496880 times)
May 23, 2013, 09:17:34 AM
May 23, 2013, 09:14:28 AM
ATTENTION SHOPPERS. ATTENTION SHOPPERS.
We are having a 5% discount sale on Bitcoins all this week.
Head on over to the BitStamp aisle where we have half a million dollars for the first customers in line.
Thank you and have a nice day.
We are having a 5% discount sale on Bitcoins all this week.
Head on over to the BitStamp aisle where we have half a million dollars for the first customers in line.
Thank you and have a nice day.
May 23, 2013, 09:13:55 AM
Agreed, moonshot bids for $20 coins don't really count. I keep meaning to create an index that divides each bid/ask by the % distance from the current MMR. I think it would be much more insightful. I just can't square the maths to adjust for the fact that bids only differ by 100% but asks can be many 1000% higher. Anyone know how to properly adjust for that?
Simple, just base it on the logarithm of the price.
May 23, 2013, 09:11:18 AM
look at the changes in asks and bids: lots of asks pulled, and lots of new bids inserted.
though I've also got a question: what is up with green downward bars on the bid side?
May 23, 2013, 09:07:54 AM
We're getting major lag spikes. Haven't seen these in a while
On a more serious note...can anyone here speculate as to what has driven demand these past few hours? The only significant news in that window was the Nikkei crash.
Are people really seeing bitcoin as a safe haven? Or is something else at play?
On a more serious note...can anyone here speculate as to what has driven demand these past few hours? The only significant news in that window was the Nikkei crash.
Are people really seeing bitcoin as a safe haven? Or is something else at play?
May 23, 2013, 09:02:53 AM
May 23, 2013, 09:01:15 AM
The last few days the price moved up when volume increased, went down when it decreased.
That's a good sign for the bulls. Buyers may get impatient.
That's a good sign for the bulls. Buyers may get impatient.
May 23, 2013, 08:59:25 AM
Wall at $126?
.....and it's gone
.....and it's gone
May 23, 2013, 08:58:49 AM
Yep, $126 wall being chewed ATM.
May 23, 2013, 08:48:54 AM
120.0BTC ask wall on bitstamp bought up.
EDIT: 126.0BTC wall on mt.gox getting eaten fast (400BTC eaten so far)!
With such a low volume, we should go well above $130 to welcome a new uptrend. Let's see how strong is the bull's hope.
I think since we broke through the mt.gox wall at 124.5 (tonight around 4:00 UTC) we can call this an upward trend instead of just jitter. EDIT: 126.0BTC wall on mt.gox getting eaten fast (400BTC eaten so far)!
May 23, 2013, 08:43:24 AM
With such a low volume, we should go well above $130 to welcome a new uptrend. Let's see how strong is the bull's hope.
May 23, 2013, 08:32:48 AM
-Bitstamp Orderbook is looking better every hour
Unfortunately I do not see that. Bid sum at Bitstamp was $955k a few days ago. Now its $1.05M. That's a tiny improvement. And it is still a joke compared with the $20M sitting on Gox's order book.
Total bid sum may not have increased as much, but lots of fiat was used to eat into the huge ask wall. Also bid sum from $100+ has increased by about 50% the past couple of days.
May 23, 2013, 08:29:07 AM
-Bitstamp Orderbook is looking better every hour
Unfortunately I do not see that. Bid sum at Bitstamp was $955k a few days ago. Now its $1.05M. That's a tiny improvement. And it is still a joke compared with the $20M sitting on Gox's order book.
Yes, you are right.
I was thinking of the bids that were put up recently, opposing the huge asks we have there, effectively weakening the selling pressure a bit.
Unfortunately I dont have any recent data and I might be proven wrong.
Still
I think a subtle rise to 130 is imminent. Expect it to happen in the next 2 hours.
I am also curious about how the spread between the exchanges will play a role in the next movements.
I think its too early to state that Bitstamp might take over, Gox still has credibility and only time will show if people are eager to test another exchange for its limits.
Disclaimer: I have no fiat on the exchanges, I made a 20 BTC purchase @ 87€ a couple of days ago for spending within the next weeks, so of course a steady rise would be appreciated
May 23, 2013, 08:25:04 AM
-Bitstamp Orderbook is looking better every hour
Unfortunately I do not see that. Bid sum at Bitstamp was $955k a few days ago. Now its $1.05M. That's a tiny improvement. And it is still a joke compared with the $20M sitting on Gox's order book.
Total bid sum may not have increased as much, but lots of fiat was used to eat into the huge ask wall. Also bid sum from $100+ has increased by about 50% the past couple of days.
May 23, 2013, 08:21:23 AM
I'm not speaking about relative volume, I'm speaking about the bid sum. On gox you still have x20 the amount of fiat compared to Bitstamp, which is expected - it's much slower to move fiat than coins.
Right. Which is what I am saying.
May 23, 2013, 08:20:15 AM
bitstamp: everything short of the 120.0BTC wall just got bought up (wall is 350BTC).
Yes, there are still huge ask walls on bitstamp, but they got reduced by something like 2000BTC in the last 24hours. So there is definitely a lot of fiat pouring in. It just isn't sitting in the order book (which would be extremely stupid anyway, looking as how it can be used to buy cheap coins instead
).
And "tiny" is the wrong adjective at least for bitstamp: It is handling around 25% of all BTC trading volume by now.
Yes, there are still huge ask walls on bitstamp, but they got reduced by something like 2000BTC in the last 24hours. So there is definitely a lot of fiat pouring in. It just isn't sitting in the order book (which would be extremely stupid anyway, looking as how it can be used to buy cheap coins instead
).And "tiny" is the wrong adjective at least for bitstamp: It is handling around 25% of all BTC trading volume by now.
I'm not speaking about relative volume, I'm speaking about the bid sum. On gox you still have x20 the amount of fiat compared to Bitstamp, which is expected - it's much slower to move fiat than coins.
May 23, 2013, 08:18:34 AM
bitstamp: everything short of the 120.0BTC wall just got bought up (wall is 350BTC).
Yes, there are still huge ask walls on bitstamp, but they got reduced by something like 2000BTC in the last 24hours. So there is definitely a lot of fiat pouring in. It just isn't sitting in the order book (which would be extremely stupid anyway, looking as how it can be used to buy cheap coins instead ).
And I am watching bitstamp on bitcoinity: those walls aren't being retracted - they really are being bought!
And "tiny" is the wrong adjective at least for bitstamp: It is handling around 25% of all BTC trading volume by now.
Yes, there are still huge ask walls on bitstamp, but they got reduced by something like 2000BTC in the last 24hours. So there is definitely a lot of fiat pouring in. It just isn't sitting in the order book (which would be extremely stupid anyway, looking as how it can be used to buy cheap coins instead
).And I am watching bitstamp on bitcoinity: those walls aren't being retracted - they really are being bought!
And "tiny" is the wrong adjective at least for bitstamp: It is handling around 25% of all BTC trading volume by now.
May 23, 2013, 08:07:36 AM
-Bitstamp Orderbook is looking better every hour
Unfortunately I do not see that. Bid sum at Bitstamp was $955k a few days ago. Now its $1.05M. That's a tiny improvement. And it is still a joke compared with the $20M sitting on Gox's order book.
May 23, 2013, 08:06:52 AM
Is everyone assuming that these other low volume unproven exchanges will function perfectly when under very heavy load, DDOS attacks, order book spam, withdrawal transaction spam, etc, etc ?
If so then I'm afraid people are going to be sorely disappointed when the same old problems that MtGox experienced happen all over again with each new exchange that becomes popular.
As far as I'm concerned the only platform that's been real world load tested so far is MtGox.
If so then I'm afraid people are going to be sorely disappointed when the same old problems that MtGox experienced happen all over again with each new exchange that becomes popular.
As far as I'm concerned the only platform that's been real world load tested so far is MtGox.
May 23, 2013, 08:05:50 AM
Both fiat and BTC are saying "bye bye" to Gox.
I'm not sure I infer that from the charts. Ask orders going down yes, bids holding steady yes, and price steadily increasing (with highest price amongst all exchanges) implies to me that a rational trader would be keeping BTC on Gox at the very least. With bid sums staying where they are I don't think its conclusive to say fiat is leaving either
Well, I can guarantee you that I'm leaving both my coins and fiat at Gox atm, even if i have to admit that I reduced my trading position by 80% after the Dwolla situation. I was going to do that in any case, as I stated a lot of times I do not like to sell coins, only to buy them after/during dips and crashes.
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