Bitcoin Forum

The price of bitcoin on the CoinDesk USD Bitcoin Price Index (BPI) rose more than 10% today at its peak to a high of $494.16, up from the day’s open of $444.31.

http://www.coindesk.com/renewed-optimism-drives-bitcoin-price-high-494/

I love you bitcoin!

Too early for mandatory moon comment?

its actually good news :P

So everyone got really optimistic today about BTC and thats what caused it to jump?

I wonder why Coindesk didn't comment on the NY Fed president's lobbying to keep throwing money at Mortgage Backed Securities.  Way more relevant than China.

William Dudley, president of the New York Fed, said the central bank should keep reinvesting in its mortgage portfolio until after it raises interest rates. The current exit strategy calls for stopping reinvestment before rates go up.

Quoting Mr Dudley on raising interest rates, “In my opinion, this is far more important than the consequences of the balance sheet being a little larger for a little longer.”

never too soon for the moon.. fanboyism at its best. even it price is dropping, we're still going to the moon.

I think the price went up because of NY Federal Reserve President's speech.
Source: http://www.courant.com/business/sns-rt-us-usa-fed-20140520,0,7799880.story

They are admitting inflation above 2% goal... you know, when the Federal Reserve is saying it is possible, it is because they are not in the control anymore, and people$$ now that.

Well that's how people think. Because the price is rising there is a high expectation that it will go higher and hence people demand more meaning that the price rises (ie a self-fulfilling prophecy). The same things happen when we have a crash - everyone panic sells and the price gets smashed until there are enough people willing to ignore it and buy thus stablising the value.

yep, too soon cos its:
not even a international space station altitude
not even a virgin galactic altitude
10% rise is like a low altitude flight above the ground.. as high as maybe a hang glider would get to.

a nice experience to get to that height without much propulsion required... but not as an exciting experience as a moon walk in our near future

Looks like it was a single BTC700 sell order on BTC-e that sent us upward, Ill take it!

It was executed as a single 700 BTC "instant buy" at a conservative $450 per BTC that's a $315,000 instant order.

Keep up the good work whoever you are ;)

http://www.coincadence.com/api/embed/500x250 (http://www.coincadence.com/bitcoin-index/)

i dont know what glue your sniffing, but i was watching the trades of bitstamp, btc-e and others live and im afraid the thing your talking about was not the initial factor.. but the ripple effect.

its more like "shoot the price is rising and everyone on troll chat is shouting too the moon and about how this is the epic spike of 2014 about to happen, gotta buy gotta bye"

i call these types of people emotion panic buyers. reactors. sheeple. but dont worry the spike of 2014 is yet to come so dont waste any excitement over a simple 10% jump. hold tight to your bitcoins. this is not the time to be selling just yet

No glue yet tonight, was just excited to see some movement (bonus: it was up) after about 10 days of a stable price.

I agree the spike of 2014 is yet to come ;)

Ok guys, I know we've been in the 400s for a long time but let's not lose our heads here. Stay in the Earth's atmosphere for now.

The stable price before the rise is the good news. A steady growth is much healthier than sudden meteoric rises.

Renewed Optimism Drives Bitcoin Price to High Near $500
We have had a steady flow of good news lately:
One of my favorites is the MIT project in Boston, that could turn out to be a huge success.



Wise words are true. We were way overdue for some fun though.  :)

Indeed! It was fun to watch it rise. I am on vacation and took my iPad down to the beach with me to keep an eye on it. With all the good news in the past couple of weeks we will probably see many more days like this one.

A beach & vacation sounds great, and the solid market is a nice, big bonus. I remember a vacation being tainted by unexpected market loses (including margin calls), that is no way to get away.

Yeah it was nice. My wife and I are talking about renting our condo out for bit coin. I plan to discuss with an accountant this summer to get a sense of the tax implications. If you walk down the stairs and turn left you are 30 steps from the sand.   

Intersested/

Quoting for wisdom.

If it's in Florida has all the oil gone away?
I'm very curious about the conditions down there; Has anyone been to Florida beaches this year or last?

If we end up doing it I will post about it in the market forums. There are some issues to work through with the owners association and the tax question but I don't think there is any real issue that will prevent it.

We never had any issues in this particular area with oil. The beach here is pristine. Other than the occasional red tide this is one of the better beaches around. The village economy is based on the snowbird season so we usually come down between May and October. We see manatee and dolphins every day. When we retire we plan to live here year round.

"Renewed Optimism Drives Bitcoin Price" ... lol, are they serious with this stuff? coindesk is really reaching here, but then again I think thats something they often do...

Yes far too early obviously, but it was really refreshing to see the market have a strong day... I almost forgot what that felt like.. Lol

Is this an artificial pump to ensure that someone can cash out at a higher price? I for one think the price will go to the moon (mandatory moon comment :P) but that will be the time to sell because the price may be artificially inflated for someone to cash out! My 2 satoshi!

Im just hoping that we can continue to have little price spurts like this that are actually sustainable. The post has typically shown us step jumps in prices, followed immediately by a market correction back downward... Hopefully this time will be different...

A friend of mine went to the casino. I stayed home. He made money. I made more. I'll take that 10% action!

hmm.. yes I wonder who that was???

do you know what price churning is?

-bm

is it really renewed optimism, or did one guy just make a really big order? and then the people who aren't willing to buy end up speculating that it's "renewed optimism."

THIS IS CLASSIC MARKET MANIPULATION.

-bm