Who didn't see this coming?

[cafucafucafu]

$220-240 is the price range that the whales (or one particular whale) want to keep it at.

Should the exchange price really be used to determine the non-exchange price? Does localbitcoins ever affect the exchange price? This maker-taker system is rubbish.

[AtheistAKASaneBrain]

$220-240 is the price range that the whales (or one particular whale) want to keep it at.

Should the exchange price really be used to determine the non-exchange price? Does localbitcoins ever affect the exchange price? This maker-taker system is rubbish.

Saw comming what? Price is still above that range and has been for a while. 277 right now.
I think the price is determined by the exchanges that have the most volume. Localbitcoin has no impact on the price, the sellers there get their prices from exchanges too.

[Greendragon]

So I need to sell all my bitcorns?

[hdbuck]

So I need to sell all my bitcorns?

yep.

[randy8777]

$220-240 is the price range that the whales (or one particular whale) want to keep it at.

Should the exchange price really be used to determine the non-exchange price? Does localbitcoins ever affect the exchange price? This maker-taker system is rubbish.

i can imagine that whales want to keep the price at a certain level for some time, but definitely not more than that. they want to make profit, so if they keep the price down they are basically harming themself too. prices stay low because no one is willing to buy through various levels.

[oblivi]

$220-240 is the price range that the whales (or one particular whale) want to keep it at.

Should the exchange price really be used to determine the non-exchange price? Does localbitcoins ever affect the exchange price? This maker-taker system is rubbish.

i can imagine that whales want to keep the price at a certain level for some time, but definitely not more than that. they want to make profit, so if they keep the price down they are basically harming themself too. prices stay low because no one is willing to buy through various levels.

The big whales enjoy long period of low price, sometimes it takes a year for them to carry and stack all the BTC they want. Im sure they are keeping a lot of coins low in purpose besides BTC. LTC was pushed down to 1 dollar for months, stacking operations can take months before the price starts going up. Once the pump happens normal non whales can keep the price going up by natural buying dynamics.

[JimboToronto]

See what coming? The fairly steady rise from $220 to $278 in the last month and a half?

Yes, there was a little bit of a freakout last weekend due to over-reaction to the Greek crisis, but that has corrected itself and we seem to be back where we should be.

[BitcoinNewsMagazine]

So I need to sell all my bitcorns?

No. As long as the bitcoin price is above the 200 day simple moving average on a daily chart we are technically in a bull market. Price broke through on 28 June and has not even retested the SMA.

[Denker]

$220-240 is the price range that the whales (or one particular whale) want to keep it at.

Should the exchange price really be used to determine the non-exchange price? Does localbitcoins ever affect the exchange price? This maker-taker system is rubbish.

i can imagine that whales want to keep the price at a certain level for some time, but definitely not more than that. they want to make profit, so if they keep the price down they are basically harming themself too. prices stay low because no one is willing to buy through various levels.

The big whales enjoy long period of low price, sometimes it takes a year for them to carry and stack all the BTC they want. Im sure they are keeping a lot of coins low in purpose besides BTC. LTC was pushed down to 1 dollar for months, stacking operations can take months before the price starts going up. Once the pump happens normal non whales can keep the price going up by natural buying dynamics.

Sorry but I doubt that LTC was pushed down. LTC was pumped by a chinese ponzi scheme group.
https://bitcointalk.org/index.php?topic=1115157.0

What happened then was pretty simple. Profits from Litecoin pumped into Bitcoin. Bitcoin went up. Some people jumped on board. Bitcoin continued to rise. Then chinese started dumping and taking the profits in cash.
pumping litecoin--> moving to Bitcoin and pump it --> dumping Bitcoin and taking profits in fiat (Yuan)

[cafucafucafu]

I am not at all suggesting that a whale is keeping the price down to buy more. I think a whale wants to see all (or most) their coins at a price above $220.

[cafucafucafu]

See what coming? The fairly steady rise from $220 to $278 in the last month and a half?

Yes, there was a little bit of a freakout last weekend due to over-reaction to the Greek crisis, but that has corrected itself and we seem to be back where we should be.

The whole rise was because of Greece hype.

[MF Doom]

See what coming? The fairly steady rise from $220 to $278 in the last month and a half?

Yes, there was a little bit of a freakout last weekend due to over-reaction to the Greek crisis, but that has corrected itself and we seem to be back where we should be.

The whole rise was because of Greece hype.

Also Chinese stock market crashing.  The amount of wealth lost greatly exceeded the greek debt amount, and there was a lot of frenzy buying coming from china.  but that hype has died down, showing how thin the market really is.  I'm surprised we havent gone back down to or below the $250 mark

[cryptasm]

Its just because the economy is going through some issues and i guess its normal that it crashes a little after this jump from 240-310

[neurotypical]

See what coming? The fairly steady rise from $220 to $278 in the last month and a half?

Yes, there was a little bit of a freakout last weekend due to over-reaction to the Greek crisis, but that has corrected itself and we seem to be back where we should be.

The whole rise was because of Greece hype.

Also Chinese stock market crashing.  The amount of wealth lost greatly exceeded the greek debt amount, and there was a lot of frenzy buying coming from china.  but that hype has died down, showing how thin the market really is.  I'm surprised we havent gone back down to or below the $250 mark

It's kinda funny. The amount of Chinese stock lost in a day was near the entire Bitcoin's marketcap. If anything, this could tell you how insanely undervalued Bitcoin is. Once all that fiat starts flowing in into the Bitcoin ecosystem we'll have some unparalleled shit going on. This is a game of moving fiat into Bitcoin and there's a lot more fiat out there that wants to get into Bitcoin than people wanting to convert their BTC into fiat.

[randy8777]

$220-240 is the price range that the whales (or one particular whale) want to keep it at.

Should the exchange price really be used to determine the non-exchange price? Does localbitcoins ever affect the exchange price? This maker-taker system is rubbish.

i can imagine that whales want to keep the price at a certain level for some time, but definitely not more than that. they want to make profit, so if they keep the price down they are basically harming themself too. prices stay low because no one is willing to buy through various levels.

The big whales enjoy long period of low price, sometimes it takes a year for them to carry and stack all the BTC they want. Im sure they are keeping a lot of coins low in purpose besides BTC. LTC was pushed down to 1 dollar for months, stacking operations can take months before the price starts going up. Once the pump happens normal non whales can keep the price going up by natural buying dynamics.

Sorry but I doubt that LTC was pushed down. LTC was pumped by a chinese ponzi scheme group.
https://bitcointalk.org/index.php?topic=1115157.0

What happened then was pretty simple. Profits from Litecoin pumped into Bitcoin. Bitcoin went up. Some people jumped on board. Bitcoin continued to rise. Then chinese started dumping and taking the profits in cash.
pumping litecoin--> moving to Bitcoin and pump it --> dumping Bitcoin and taking profits in fiat (Yuan)

it was a very obvious pump yes. the people behind the pump made a fortune. it topped the bitcoin volume by quite a bit during the pump. 

[chriswen]

I don't understand why you're saying the maker taker system is rubbish.

[Cconvert2G36]

I don't understand why you're saying the maker taker system is rubbish.

Not sure OP understands what maker-taker even implies.

Seems perfectly rational to me.

[tyrexs]

too many issues this month so price pumping and then crashing. even last week bitcoin pump to hit 310++

[PenguinFire]

I didn't see this.  I had to sell 100 USD in bitcoin to pay off my credit card.    I regret it but at least I got a good price for it.    I am trying to stay positive about where I am with bitcoin. 

[pooya87]

$220-240 is the price range that the whales (or one particular whale) want to keep it at.

Should the exchange price really be used to determine the non-exchange price? Does localbitcoins ever affect the exchange price? This maker-taker system is rubbish.

the price was at that range for long enough period of time now it is time for going up. and i don't think that whales want the price at those levels any longer.
and in my opinion localbitcoins has no effect on the price whatsoever, they take their price from the exchangers and sometimes sell even higher than that.