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Author Topic: Coin Citadel is going to buy lots of Bitcoins over the next few days!  (Read 709 times)
7788bitcoin
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May 17, 2016, 08:39:37 AM
Last edit: May 17, 2016, 01:28:04 PM by 7788bitcoin
 #1

http://www.econotimes.com/Coin-Citadel-Is-Raising-$750000-Worth-Of-Bitcoins-To-Increase-Its-Holdings-209029

Will the price go up with this sudden surge in demand?
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May 17, 2016, 08:47:36 AM
 #2

http://www.econotimes.com/Coin-Citadel-Is-Raising-$750000-Worth-Of-Bitcoins-To-Increase-Its-Holdings-209029

Will the price go up with this sudden surge in demand?

It is doubtful the price would go up much if any. Larger deals such as this tend to be arranged privately and/or through dark pools so they do not impact the price directly. You do not want to place your orders on a public exchange to cause the price to go up where you would end up paying more than you could by simply negotiating a private sale. Plus, while it is still a good sized order, $750k is not such an excessively huge amount to take off the market at once to cause a huge run on bitcoins.
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May 17, 2016, 09:14:18 AM
 #3

Yeah i would agree i doubt that it wold be purchased on an exchange and therefore unlikly to move the price.  Wink
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May 17, 2016, 09:30:42 AM
 #4

http://www.econotimes.com/Coin-Citadel-Is-Raising-$750000-Worth-Of-Bitcoins-To-Increase-Its-Holdings-209029

Will the price go up with this sudden surge in demand?

It is doubtful the price would go up much if any. Larger deals such as this tend to be arranged privately and/or through dark pools so they do not impact the price directly. You do not want to place your orders on a public exchange to cause the price to go up where you would end up paying more than you could by simply negotiating a private sale. Plus, while it is still a good sized order, $750k is not such an excessively huge amount to take off the market at once to cause a huge run on bitcoins.

Hmmm... but who will have so many bitcoins (>1600) and willing to sell them in one go, considering the price is very likely to increase in the coming months?

This goes back in the question of "Where can I buy $1million worth of bitcoins?"

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May 17, 2016, 09:36:58 AM
 #5

Nope,the price won't go up with one entity holding a lot of coins.But certainly ,coin citadel will be in profit for holding at the current rate.Actually this is not the buy time ,investing right now is always risky but since halving is on the corner ,you never know what's up for the holders.Huge amount of coins sitting in one corner should indirectly affect the market rates but not when market doesn't demand more.

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May 17, 2016, 10:18:16 AM
 #6

http://www.econotimes.com/Coin-Citadel-Is-Raising-$750000-Worth-Of-Bitcoins-To-Increase-Its-Holdings-209029

Will the price go up with this sudden surge in demand?

It is doubtful the price would go up much if any. Larger deals such as this tend to be arranged privately and/or through dark pools so they do not impact the price directly. You do not want to place your orders on a public exchange to cause the price to go up where you would end up paying more than you could by simply negotiating a private sale. Plus, while it is still a good sized order, $750k is not such an excessively huge amount to take off the market at once to cause a huge run on bitcoins.

Hmmm... but who will have so many bitcoins (>1600) and willing to sell them in one go, considering the price is very likely to increase in the coming months?

This goes back in the question of "Where can I buy $1million worth of bitcoins?"

Lots of places become available once you indeed have a million dollars to spend. BTC exchanges have dark pools, private deals can be negotiated with miners, etc. All large purchases like this have mutual benefits for sellers and buyers in private. As explained earlier, buyers do not want the price of their large transactions to cause price to go up, likewise miners don't want their dumping of $1 million in BTC to cause the market to drop.
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May 17, 2016, 11:40:33 AM
 #7

http://www.econotimes.com/Coin-Citadel-Is-Raising-$750000-Worth-Of-Bitcoins-To-Increase-Its-Holdings-209029

Will the price go up with this sudden surge in demand?

They've probably already bought them extremely quietly. These kind of announcements only come after the effect, to entice noobs to buy to push up the price so that the original investors end up sitting on a nice profit.

 
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May 17, 2016, 12:01:14 PM
 #8

I always thought any big buys causes an increase in price even if brought on an exchange regardless.  Undecided
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May 17, 2016, 01:01:02 PM
 #9

First of all, I welcome the step that this company will increase its Bitcoin stake. But $750k is actually not much. The daily volume of Bitcoin is somewhere between 50 and 100 million US-Dollars. 750k in one day is only a drop in the bucket.

By the way, you link is not working. The dollar sign is cutting of the link. Please correct it!
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May 17, 2016, 03:34:12 PM
 #10

Some of us are already ignoring sales volumes on some of these Chinese Bitcoin exchanges, because it is being manipulated. A $ 750 000 purchase on one exchange, will bump the price a little,

depending on their total trade volume... but we usually use a average of several different exchange prices, for example :   

~ Bitfinex

~ Bitstamp

~ BTC-E

~ LocalBitcoins

If you want to influence the price, you would have to buy or sell on huge volumes on all of these exchanges to see a change in the average price.  Wink


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May 18, 2016, 05:31:52 PM
 #11

http://www.econotimes.com/Coin-Citadel-Is-Raising-$750000-Worth-Of-Bitcoins-To-Increase-Its-Holdings-209029

Will the price go up with this sudden surge in demand?

It is doubtful the price would go up much if any. Larger deals such as this tend to be arranged privately and/or through dark pools so they do not impact the price directly. You do not want to place your orders on a public exchange to cause the price to go up where you would end up paying more than you could by simply negotiating a private sale. Plus, while it is still a good sized order, $750k is not such an excessively huge amount to take off the market at once to cause a huge run on bitcoins.

Hmmm... but who will have so many bitcoins (>1600) and willing to sell them in one go, considering the price is very likely to increase in the coming months?

This goes back in the question of "Where can I buy $1million worth of bitcoins?"

Easy, you just go and see pools directly. You ask them to sell you the coins at a market price + 2% for example. You keep a reasonable price and everyone is happy.

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May 18, 2016, 05:31:56 PM
 #12

No, like promised by many members, nothing happened. 750 000$ is quite a "little" sum these days. Also, with the halving effervescence, it will be a grain of sand in the desert.
Yes nothing happened to move till now don't know either they really buy some bitcoins or not. But even if they have bought as bitcoin marketcap has already so huge that less than a million dollar couldn't alter the price now.

 
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May 18, 2016, 05:44:30 PM
 #13

This goes back in the question of "Where can I buy $1million worth of bitcoins?"

no problem.

Wire 10 persons, wire money (2 days) ... and create account in corporate TIERS4 (7 days) :

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May 19, 2016, 05:45:50 AM
 #14

I am interested in how they buy all the coins, just curious. for some gossip.
Maybe wire money to Chinese exchange, and but there, since there are heated discussion about them faking all the volumes.
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May 19, 2016, 06:39:11 AM
 #15

No, like promised by many members, nothing happened. 750 000$ is quite a "little" sum these days. Also, with the halving effervescence, it will be a grain of sand in the desert.
Yes nothing happened to move till now don't know either they really buy some bitcoins or not. But even if they have bought as bitcoin marketcap has already so huge that less than a million dollar couldn't alter the price now.

Market cap does not dicatate what happens when a relatively large amount of coins is bought in one chunk. It is the market liquidity that determines how much the price moves.

If the order books on the sell side are quite empty, a buy like this in one order on one exchange may still move the price tens of dollars. The order books are just not full enough to cover it.

Price will correct soon after though, as the buy support is not sustained and the gap between the buy and sell side will close again, but a termporary spike is still very likely and you might be able to profit of bots if you sell right after the buy due to them filling the empty orders between buy and sell.
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