Bitcoin Forum

I think I get what's happening: MtGox opening the accounts and blocking trading is causing many users to withdraw their BTC and sell them on TradeHill

the latter has dropped from 17 to 15 in about two hours

by the time MtGox re-opens trading there won't be much BTC to sell so at least prices on the Gox should stay relatively stable

of course, this is just a quick theory based on observation

Frankly the market is pretty stable considering what's happened over the last few weeks.  I hoped I'd have an opportunity at $10 as everyone rushed for the exits, but that doesn't seem to be in the cards.

In the first episode of BitTalk I bet Atlas 5 BTC that the average bitcoin price would be higher next friday than it was this friday, despite all the talk about "bank run on gox" and various other panic stories, and I'm feeling good about that so far!

You said on your podcast that you own 20 BTC, so your bet is 25% of your entire bankroll.
I think you'll win the bet though, and Atlas has coin to spare.

25% of my entire bitcoin bankroll ;)  In a world as crazy as this, you'd be nuts to put all your eggs in one basket.

One of my limit orders got filled for another 10 @ 12.50LR

http://bitcoincharts.com/charts/thUSD/accumulated_orderbook.png
Market strength, Bitcoin/USD, TradeHill, Current.

There are a lot more people trying to sell Bitcoins than there were 8 hours ago. But they're trying to get $17 or so, which isn't happening.

There's less buy-side strength than there was 8 hours ago.  The buyers who wanted to buy have bought.  Right now, buying 1000 Bitcoins at market would only move the price up $0.25, but selling 1000 Bitcoins at market would move it down by about $2.

So after all the noise, we're back to around $15, just like the last three days. That seems to be the new normal.

consolodation