Bitcoin Forum

TradeHill had been stuck for days in the low $15 area and now it is at almost $17.
Was there positive news stories today or something else fundamental to move the market?

Doesnt surprise me.

I expected a bit of movement on other exchanges just prior to Gox going live again.

Sure, good idea but it didn't move yesterday when most people expected to start.
Maybe this means (suggests) we are actually going to restart tonight?


<Off-topic>
Did your Gox get approved now?
</Off-topic>

Quite happy that the movement was in the positive direction, maybe I can start making reasonable income mining again. Oh wait, that's right, difficulty increase :(

Oh well, let's see where it goes from here.

Some miners are giving up, so the difficulty increase will happen but maybe be less, and someday actually go down?

Is mt. gox reopening really bullish? I suppose the fact that people get access to their money again at all is a good sign for price. But it seems like a large number of mt. gox users want to take their money out of that exchange. So I guess it comes down to whether people will want to buy bitcoins to withdraw to their wallets, or sell bitcoins to withdraw to their banks/dwolla/etc. I would have guessed the latter and expected at least some short term selling pressure to drop the price at least a few dollars as compared to tradehills last, but it's really hard to predict. Withdrawing to your bitcoin wallet is the fastest and most sure approach to take your funds out, so if people are worried about mt. gox not having enough to cover deposits they may go that route and actually bid it up significantly.

Net/net: I have no idea.

Same here:
Last: 16.9800 USD, 12 seconds ago    Highest Bid: 16.8000   Lowest Ask: 16.9800

Surprised to see BTC so close to $17, I expected more like $10.50

Buy and hold (or use) If it drops in price buy more and hold (or use). Good luck men.

Could someone explain why we are hitting past $17.00? Is there news, anticipation of MT Gox opening?

We spiked up to $16 the last few days.

Is $17 now our new baseline?

Stew

maybe price is finally catching up with difficulty again

Because Bitcoins usefulness outweighs the shortcomings of its major exchangers. It's features as a medium of exchange are its fundamentals: reasonable anonymity, ease of transfer, deflationary nature, decentralized, etc. etc.

Those are good points.

This currency's fundamentals are it's strengths.

If the exchanges solidify and become more reliable, wonder if BTC prices it will  really take off.

Stew

This comes just after virwox reopened.

Virwox hit today $21/BTC (using fair convertion calc) shortly after they opened.

No idea how the mtgox reopening will affect all this, but it seems people believe the hard $20 barrier is peanuts. It's worth mentioning, smaller exchanges have historically had higher prices than mtgox (when mtgox was trading at $25 virwox hit $45). So i guess todays $21 corresponds to around 13-16 mtgox

Just because mtgox was "expected" to open early today doesn't mean anyone really expected it. There were almost no accounts that had been verified yesterday and I'm sure that people without verification or even news of verification wouldn't have felt particularly optimistic about the trading to come.

Now verifications are going out, and it looks like things will be humming along they're likely pushing the price to similar points as MtGox is planning on opening at (17.5); which is a shame, as I was hoping to put some money on tradehill and transfer mismatched coin prices from one to the other until they equalized again ;)

To me it seems more likely that people finally got funds onto tradehill after moving from mtgox.  Dwolla trasfers take a few days unless you already have the funds in your Dwolla account.

 The rollercoaster ride down... price down to $16.10.   

 :o

Meh... Normal volatility.

Correct, and now...
Last: 16.5000 USD   :)
Going up?

How do you ever turn that higher price into USD? 
BTC >> SLL >> USD
Is that correct?

Yea

And i usually calc SLL>USD at /260 (because that's my own personal average conversion rate after fees paid)

The market will move a bit more tomorrow if MtGox opens for business  :D