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Title: Mass buy-up and sell-off last night at Mtgox Post by: tacotime on July 31, 2011, 04:48:20 PM Here is a picture: http://tinyurl.com/3ppa9n6
As you can see there was a large trade volume recently I'm not sure what happened exactly, but usually high trade volumes indicate good things in a market. The timing is really strange, however. In the least this demonstrates the ability of the BTC market to bounce back after large scale runs Title: Re: Mass buy-up and sell-off last night at Mtgox Post by: UrbanAdventurer on July 31, 2011, 04:58:13 PM Long term volume is good, not short burts like that. The BTC market is so small that one person can still fluctuate the market. Still, the immediate profit taking shows the true market sentiment is not back.
Title: Re: Mass buy-up and sell-off last night at Mtgox Post by: alfred on July 31, 2011, 05:42:16 PM Looks like a large buy order pushed price up from around $13.20 to $14.20 in about 10 minutes. This removed a lot of liquidity from the market, looks like 20k btc were bought up. After the buying stopped at $14.20, the bid/ask spread was probably very large and nothing traded for about 1/2 hour. Then, on low volume, price spiked at $14.89 and then came down to around $13.50 where it had been about 12 hours prior.
My guess - a single buyer placed a huge order. Possibly 20k btc for 1/4 million USD? YIKES Title: Re: Mass buy-up and sell-off last night at Mtgox Post by: alfred on July 31, 2011, 05:49:14 PM Or maybe it was not a real transaction - there was the following glitch reported by MtGox:
https://support.mtgox.com/entries/20323996-mt-gox-system-update-troubles |