Ridiculous mentioning of BTC selling

[lordoliver]

I really want to mention here, how ridiculous I find those news mentioned as a reason for price declines:
http://www.coindesk.com/19-million-bitcoin-australia-auction/

Cmon. This is really like a drop in the ocean...

24,518 BTC is like 0.16% of the supply. And this is a news about one time this amount. Kidding me?

Its like 16 Billion compared to 10 Trillion supply in Dollars or Euro. Remember? The QEs of USA or Europe pumped abought a monthly(!) supply of about 80 Billion! Thats about 5 times the amount of that mentioned one MONTHLY!

The current daily trading volume without the chinese market is already more than 10 times the selling amount.
Including the chinese markets we go to a 100 times of that amount DAILY.

What do you want with those meaningless news? Its just a trolling price suppressing message!

[thejaytiesto]

The drop has been because of this plus bitfinex fail (bitfinex exchange stopped all trading hours ago due a security mistake), whales then used this scenario as a good moment to short, they drive the price down, panic selling nobs sell, then whales buy back cheaper and FOMO kicks in again.
As a result, whales get more BTC while it keeps going up and noobs get 0 BTC while it goes up. Idiots.

[richardsNY]

That could also be a reason for the price to drop. I remember with the last coin auction done by the FBI, that in the runup to the auction the price out of nothing reached $500 in November. And as soon as the auction was over, the price started to come down heavily. I hope it's not the same right now. But the current wave of panic sellers could also have something to do with Bitfinex being out.

[escrowboy]

That could also be a reason for the price to drop. I remember with the last coin auction done by the FBI, that in the runup to the auction the price out of nothing reached $500 in November. And as soon as the auction was over, the price started to come down heavily. I hope it's not the same right now. But the current wave of panic sellers could also have something to do with Bitfinex being out.

24k btc can't even manipulate the price of bitcoin as we have 10m btc market capacity. That's a small volume of bitcoin to pump/dump the current price of bitcoin.

[richardsNY]

That could also be a reason for the price to drop. I remember with the last coin auction done by the FBI, that in the runup to the auction the price out of nothing reached $500 in November. And as soon as the auction was over, the price started to come down heavily. I hope it's not the same right now. But the current wave of panic sellers could also have something to do with Bitfinex being out.

24k btc can't even manipulate the price of bitcoin as we have 10m btc market capacity. That's a small volume of bitcoin to pump/dump the current price of bitcoin.

Just to give you an idea what 24K BTC can do to the market:

Bitstamp; With 13.5K BTC you can dump the price down to around $70. Then you have still 10.5K BTC left in your pocket.

Bitfinex; With 24K BTC you can dump the price slightly below $100.

[escrowboy]

That could also be a reason for the price to drop. I remember with the last coin auction done by the FBI, that in the runup to the auction the price out of nothing reached $500 in November. And as soon as the auction was over, the price started to come down heavily. I hope it's not the same right now. But the current wave of panic sellers could also have something to do with Bitfinex being out.

24k btc can't even manipulate the price of bitcoin as we have 10m btc market capacity. That's a small volume of bitcoin to pump/dump the current price of bitcoin.

Just to give you an idea what 24K BTC can do to the market:

Bitstamp; With 13.5K BTC you can dump the price down to around $70. Then you have still 10.5K BTC left in your pocket.

Bitfinex; With 24K BTC you can dump the price slightly below $100.

And where'd you get your reference? It is great to see if you have some sort of information backing up your claim.

[lordoliver]

That could also be a reason for the price to drop. I remember with the last coin auction done by the FBI, that in the runup to the auction the price out of nothing reached $500 in November. And as soon as the auction was over, the price started to come down heavily. I hope it's not the same right now. But the current wave of panic sellers could also have something to do with Bitfinex being out.

24k btc can't even manipulate the price of bitcoin as we have 10m btc market capacity. That's a small volume of bitcoin to pump/dump the current price of bitcoin.

Just to give you an idea what 24K BTC can do to the market:

Bitstamp; With 13.5K BTC you can dump the price down to around $70. Then you have still 10.5K BTC left in your pocket.

Bitfinex; With 24K BTC you can dump the price slightly below $100.

And where'd you get your reference? It is great to see if you have some sort of information backing up your claim.

He means, that there are only 10k BTC buy orders on bitstamp. The last ones are on 70$. So yes, you COULD do that, if you sell all.
But:
1. They split in 5k pieces
2. If you sell 500. Price will recover already. And why should you not wait for the recover in order to sell more expensive. Or why should you dump all directly after you bought it...

[BellaBitBit]

I really want to mention here, how ridiculous I find those news mentioned as a reason for price declines:
http://www.coindesk.com/19-million-bitcoin-australia-auction/

Cmon. This is really like a drop in the ocean...

What do you want with those meaningless news? Its just a trolling price suppressing message!

Of course the media will troll.  90% of the business world does not want btc to succeed and put banks out of business. Expect more.

[Barnabe]

That could also be a reason for the price to drop. I remember with the last coin auction done by the FBI, that in the runup to the auction the price out of nothing reached $500 in November. And as soon as the auction was over, the price started to come down heavily. I hope it's not the same right now. But the current wave of panic sellers could also have something to do with Bitfinex being out.

24k btc can't even manipulate the price of bitcoin as we have 10m btc market capacity. That's a small volume of bitcoin to pump/dump the current price of bitcoin.

Just to give you an idea what 24K BTC can do to the market:

Bitstamp; With 13.5K BTC you can dump the price down to around $70. Then you have still 10.5K BTC left in your pocket.

Bitfinex; With 24K BTC you can dump the price slightly below $100.

Not very correct IMO, yes you could reach these values, but the market would correct it in a few minutes/hours. And it would not affect all platforms so the average price would remain well above your amounts.

[randy8777]

the only way i think the current price decrease may somewhat be connected to the coin auction, is that they want to get the price down so they can get the coins at a much lower price compared to when it was close to $770 some days ago. other than that i don't see how this will have that much of an impact on the price.

[mrhelpful]

That could also be a reason for the price to drop. I remember with the last coin auction done by the FBI, that in the runup to the auction the price out of nothing reached $500 in November. And as soon as the auction was over, the price started to come down heavily. I hope it's not the same right now. But the current wave of panic sellers could also have something to do with Bitfinex being out.

24k btc can't even manipulate the price of bitcoin as we have 10m btc market capacity. That's a small volume of bitcoin to pump/dump the current price of bitcoin.

Just to give you an idea what 24K BTC can do to the market:

Bitstamp; With 13.5K BTC you can dump the price down to around $70. Then you have still 10.5K BTC left in your pocket.

Bitfinex; With 24K BTC you can dump the price slightly below $100.

Not very correct IMO, yes you could reach these values, but the market would correct it in a few minutes/hours. And it would not affect all platforms so the average price would remain well above your amounts.

The op`s statments on pricing is testing the market reaction towards fear.

If you let it snowball and have a domino effect it can reduce the price to that piece of article was made to do. The average price though will be higher then $430 which was the last known price.

[The Sceptical Chymist]

Financial journalists and pundits always try to explain every little (and big) price move.  For stocks, bonds, gold, silver, and bitcoin.  Sometimes there is no reason to point to, but they'll try anyway.  And sometimes the reasons are just fucking stupid, as in the case you pointed out.  I've learned over the years to take business reporting with a huge grain of salt.

[gentlemand]

It's a reasonably large drop in the ocean but I really wish morons would let go of the idea of people buying at auction to dump.

The primary reason they're buying at auction in the first place is to completely bypass the fucked up and shitty exchanges.

[a7mos]

The drop has been because of this plus bitfinex fail (bitfinex exchange stopped all trading hours ago due a security mistake), whales then used this scenario as a good moment to short, they drive the price down, panic selling nobs sell, then whales buy back cheaper and FOMO kicks in again.
As a result, whales get more BTC while it keeps going up and noobs get 0 BTC while it goes up. Idiots.

I am totally agree with you that what extend this fall is the panic selling. Once they finish selling, the price will recover again and continue rising

[pooya87]

i keep saying this: this is not the first time that police have auctioned confiscated coins and it is not going to be the last and never have been any significant change in price because of that.

by the way i like to mention that at this moment according to coinmarketcap the 24 hour trade volume of bitcoin has been $294,819,000 and it is the same volume being traded every single day of the week. one time 19 or 13 million dollar auction is a peanut.

[richardsNY]

That could also be a reason for the price to drop. I remember with the last coin auction done by the FBI, that in the runup to the auction the price out of nothing reached $500 in November. And as soon as the auction was over, the price started to come down heavily. I hope it's not the same right now. But the current wave of panic sellers could also have something to do with Bitfinex being out.

24k btc can't even manipulate the price of bitcoin as we have 10m btc market capacity. That's a small volume of bitcoin to pump/dump the current price of bitcoin.

Just to give you an idea what 24K BTC can do to the market:

Bitstamp; With 13.5K BTC you can dump the price down to around $70. Then you have still 10.5K BTC left in your pocket.

Bitfinex; With 24K BTC you can dump the price slightly below $100.

And where'd you get your reference? It is great to see if you have some sort of information backing up your claim.

Just have a look at the order books of these exchanges. That much harm can you do when dumping that many coins at once. Especially the order book of Bitstamp is very week as an early adopter can dump the price below $100 without much problems.

[European Central Bank]

Just have a look at the order books of these exchanges. That much harm can you do when dumping that many coins at once. Especially the order book of Bitstamp is very week as an early adopter can dump the price below $100 without much problems.

You'd get your ass handed to you if you used visible order books to judge your trades. They can change in a second to capitalize on new circumstances and do. There's alot hidden away on the sidelines waiting to meet some action.

[Positid]

Just have a look at the order books of these exchanges. That much harm can you do when dumping that many coins at once. Especially the order book of Bitstamp is very week as an early adopter can dump the price below $100 without much problems.

You'd get your ass handed to you if you used visible order books to judge your trades. They can change in a second to capitalize on new circumstances and do. There's alot hidden away on the sidelines waiting to meet some action.

Well I agree with you man.  Many are just waiting to put up a buy order when they see someone dumping so many coins they will begin to pop up out of nowhere just to buy some cheap coins. So in that way I think btc wouldn't be dumped easily.

There is now way bitcoin will dump, the trend always says we are going upward and every year is an improvement of bitcoin, the demand should increase and it will not be easy to manipulate for the whales.