This kind of volume is just the buying/selling from Bitcoin transactions.
BitPay accepts Bitcoins for businesses, turns around and sends them the USD/EUR/ETC... For the most part they sell those coins right away (or risk losing money). I'd think it would be too risky to hold coins, the market goes the wrong way they could lose their ass. They need constant fiat to be sending back out to the businesses accepting Bitcoins.
Regardless, there's lots of these places that need to buy/sell constantly during the day. At this kind of volume, it's just Bitcoin transactions. It's hard to read much more into it at this point.
We've had some pretty violent corrections, people who really wanted to get out, have gotten out. People who really wanted it, have gotten in. Lots of people waiting for a drop to get back in. Lots of new people waiting to see if this price holds before buying. I sense a lot of "wait and see" right now in the market. MtGox hasn't even discusses the DHS issue. It looks like we're primed for an uptrend, but it's probably not going to be the rallies we've been used to seeing.
Of course if a few whales decide to drop 5-10M buying up coins all bets go out the window. But right now no one is in a rush to sell, no one is in a rush to buy. Ahhh stability.
BitPay accepts Bitcoins for businesses, turns around and sends them the USD/EUR/ETC... For the most part they sell those coins right away (or risk losing money). I'd think it would be too risky to hold coins, the market goes the wrong way they could lose their ass. They need constant fiat to be sending back out to the businesses accepting Bitcoins.
Regardless, there's lots of these places that need to buy/sell constantly during the day. At this kind of volume, it's just Bitcoin transactions. It's hard to read much more into it at this point.
We've had some pretty violent corrections, people who really wanted to get out, have gotten out. People who really wanted it, have gotten in. Lots of people waiting for a drop to get back in. Lots of new people waiting to see if this price holds before buying. I sense a lot of "wait and see" right now in the market. MtGox hasn't even discusses the DHS issue. It looks like we're primed for an uptrend, but it's probably not going to be the rallies we've been used to seeing.
Of course if a few whales decide to drop 5-10M buying up coins all bets go out the window. But right now no one is in a rush to sell, no one is in a rush to buy. Ahhh stability.
Very good point. Didn't think of that.
Who are you and what happened to Coinseeker? Seriously, did you go to FUD rehabilitation or what?
Welcome, whoever you are
I honestly just don't see anything negative ATM, other than low volume. That's not necessarily bad for Bitcoin though. The huge ask wall at Bitstamp is concerning but not sure what to make of it. There seems to be confidence out there, lots of good news and no real bad news that I can find. And I looked hard too. While I think it's a coin flip at this point, if I had to bet, I'd stick with prices going up based on what I see. That could obviously change.
So, just a few days ago you had nothing good to say, really. What that you have observed has changed this?
If you notice, last week when people where screaming "rally", I said clearly it wasn't because I just didn't see any real momentum to push through and I was right.
Now, I look at this huge ask wall at Bitstamp and everyone seems confident. There's no desperation to sell and people are holding their positions. Add to that, nothing but good media coming out of the US, Canada (While apparently confused on what the law says) is backtracking from it's previous position against the banks. DHS at least is pretending to only be focused on FinCEN violations, although I'm not convinced this is the end of it. But all in all, things are quite.
That's either a really good sign of Bitcoin's continued resilience or a scary sign of rough times ahead. Like I said, to me it's a coin flip but there's more positive than negative right now, from what I see. That would lead me to believe we're going to see at least a small upswing, possibly as high as 130 sometime this week.
That's my weekly prediction.
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