Bitcoin in RALLY mode

[S3052]

Bitcoins are back in Rally mode!

This is evident in many areas

* BTC / USD exchange rate is rallying (mtgox.com)
* Number of businesses accepting BTC are rising
* Number of forum activities are increasing

All people in the "bitcoin team" did a great job.


Lets continue!

[kiba]

MtGox broke volume exchange record yesterday with 36672.7 bitcoins. That's a lot!

[S3052]

Right, and the chart prediction for a breakout to the upside proved right, supported by the high volume.

Next big target is the all time high around 0.08

[kiba]

The possibility of a volume record breaking is high now with 42669 bitcoins.

[TTBit]

Should be pointed out that there are only 16,579.29 coins offered at this moment at MtGox, totaling $1,172.89, versus 63,881.94 coins bid totaling $3,845.73

The coins just are not there, IMO now would be the time to pick up a few.

[S3052]

100% agree

[srb123]

Looks like bitcoinmarket is well ahead of mtgox.com, but volumes are low....real low.

[S3052]

you're right.

Mtgox has become the market leader and on all other exchanges volumes are ridiculously low.

[srb123]

makes me sad, i used to enjoy bitcoinmarket, i feel nostalgic when I go to visit (like MySpace), even though I only stopped visiting there 6 weeks ago. lol.

[srb123]

Just jumped over .08, So does anyone have thoughts on what is happening here?

[kiba]

Just jumped over .08, So does anyone have thoughts on what is happening here?

30 days waiting period for paypal dollars deposit meant that influx of new buyers at mtgox ain't possible.

[mtgox]

> 30 days waiting period for paypal dollars deposit meant that influx of new buyers at mtgox ain't possible.

No it doesn't. they can trade immediately. they just can't withdraw.

[FreeMoney]

I'm going to offer some over 10 cents. Maybe zoom out a bit now, or make it an option or something.

[kiba]

> 30 days waiting period for paypal dollars deposit meant that influx of new buyers at mtgox ain't possible.

No it doesn't. they can trade immediately. they just can't withdraw.

Sorry for my misunderstanding.

[theymos]

I don't see how this can last. 100,000 BTC in bids+asks on MtGox, but 7,200 BTC are created every day. The market just can't absorb it.

Of course, I've been bearish about the market since I was selling (below the normal market rate) at 0.003.

[kiba]

I don't see how this can last. 100,000 BTC in bids+asks on MtGox, but 7,200 BTC are created every day. The market just can't absorb it.

It been at 0.06 for a really long time for like 2-3 weeks? In any case, the market seem to practically ignore the fact of monetary inflation.

[FreeMoney]

I don't see how this can last. 100,000 BTC in bids+asks on MtGox, but 7,200 BTC are created every day. The market just can't absorb it.

Of course, I've been bearish about the market since I was selling (below the normal market rate) at 0.003.

Those 100k are what are left after doing all of the daily absorbing of whatever generated coins make it to market, people save and spend too. I have some coins, but not enough, I'd welcome a crash. I'm mostly worried about not having enough in 5 years when bitcoin is "accepted everywhere" and 14 year olds don't know what a Visa card used to be.

[Timo Y]

Today is a historic day for me. For the first time in my life I have made a profit trading a currency - a whopping 30 dollar cents.  

Now I am going to reveal my secret trading strategy, ingenious in its simplicity:

1) Buy Bitcoins whenenver you can afford to lose the USD (or EUR in my case).
2) Never sell Bitcoins for less than you bought them. Ever.

[S3052]

you may have to wait very long for  a crash to come, and the level from where the next decline starts may be way higher than you think.

The technical pattern of the breakout is very strong, accompanied with huge volume.

Perhaps we see some consolidation at "1/10parity" = 0.1 USD, before BTC break this level.

[ribuck]

I think the price movement is solely due to the Bitcoin article which is still on the front page of www.fsdaily.com

This created a small extra demand at MtGox, plus a bigger extra demand from existing Bitcoin users who speculated by buying some extra coins before the fsdaily users arrived.