Bitcoin rising to 600$ , pure manipulation ?

[randy8777]

there is nothing in the news that you can relate to the current price spike. but i don't think it's manipulation. it's probably due to a few large players is securing themselves a decent position in bitcoin before the price start to go up again. whatever the reason really is, it's a more than welcome bit of market action that we have been waiting for.

-snip-
2) mining has halved...thus 1/2 the dump of mined BTC into the exchanges
-snip-

even though the mining rewards have gone down with 50% in juli, there still is a constant selling pressure on the market. i think it's mainly due to the fact that the majority of the coins have already been mined, and thus are circulating constantly. may i ask what your daily rewards are with your current gear?

it's great to hear you have done great with mining as you are holding 100btc right now. the best is just to continue holding. that's exactly what i do. just to entertain myself i am also trading to keep myself bussy.

[1714132566]

1714132566

[secone]

I think the rise in price due to this news Rapid Bitcoin Price Surge; Yuan Devaluation & Market Recovery

[InvoKing]

Of course it's manipulation. A system so fundamentally broken can't have a realistic value this extreme.
...
Now we wait for the next big whale dump.

That kwukduck never ever let such sweet moment pass without giving his optimistic point of view
Anyway with the price between $604-613 things isn't so clear and sadly the risk of a dump is here...

[Ayers]

I think the rise in price due to this news Rapid Bitcoin Price Surge; Yuan Devaluation & Market Recovery

so it's always because of chinese i see, last time it was dumped for their exchange okcoin, now they are the one behind the rise again lol, bitcoin is entirely in their hand

[pitham1]

12 hours ago (before I go to sleep) , the price was something like 575$ If I remember right , I woke up and found it 600$ (using preev.com rates) .
What could cause this price increase ? I checked some news websites and I couldn't find any obvious reasons , the only thing I read and I found interesting is Bitfinex paying their customers back from the HACK but I'm pretty sure It has nothing to do with the increase.

For whatever reasons it is it may possibly due to the growing need for bitcoins. Many are joining the community and many online businesses have opened. Many exchangers and platforms have opened. But for me it doesn't really matter as long as the price keeps increasing I will enjoy it and I will ear more cash from selling my bitcoins.

The problem is that the increase has happened in a few hours.
If it was really due to the growing need for bitcoins, the price increase should have happened over a few months, not in a few hours.

[amacar2]

Don't know what is the real reason for this buy pressure overnight but we have to watch few more days to see if price get stabalized at this pumped region or not.

[crytoboost]

It is really unclear situation as there is no positive news or signal which pushed the price above $600. I also am just keep watching without reaching to any pre-mature conclusion. All game is in hands of whales whenever they want to get some profit give a direction to market upwards or downwards as they win in both ways. It may be manipulation but I will wait and see what happens next.

[ivanst776]

12 hours ago (before I go to sleep) , the price was something like 575$ If I remember right , I woke up and found it 600$ (using preev.com rates) .
What could cause this price increase ? I checked some news websites and I couldn't find any obvious reasons , the only thing I read and I found interesting is Bitfinex paying their customers back from the HACK but I'm pretty sure It has nothing to do with the increase.

The bitfinex paying their users is not a hot news which can increase the bitcoin price, but I'm thinking who can manipulate the price.

Who has the power to affect the price so much (~$40). Maybe the traders came back from the holidays and started to trade bitcoin again.

[Kprawn]

Whenever I see a major price shift, I always look at what is happening in the two major economies --> America & China. I did not see anything out

of the ordinary from China, so I guess the push is coming from the USA. The political scene is very volatile at the moment, and I guess we are seeing

this happening as a direct result of the political instability in the USA.  

[dumbfbrankings]

Look at all the sig spammers scratching their noggins. 

I'll let u guise in on a secret... shhhhh.

There's a new #3 (flirting with #2) most powerful mining pool on the block... and they like big blocks. The market seems to like that.


https://blockchain.info/pools?timespan=4days
https://twitter.com/ViaBTC/status/771378443850092544
http://fintechist.com/worlds-sixth-largest-mining-pool-trialling-bitcoin-unlimited/
https://medium.com/@ViaBTC/battle-of-hash-rate-he-quitted-tencent-and-started-the-worlds-sixth-mining-pool-viabtc-a99601e919f5
https://twitter.com/ViaBTC/status/770897442376065025

 

[BitHodler]

Maybe that traders are getting some confidence back after the hack of Bitfinex which makes them start with buying again.

I prefer to stay conservative as we can see the price fall back down very easily again.

[MingLee]

Maybe that traders are getting some confidence back after the hack of Bitfinex which makes them start with buying again.

I prefer to stay conservative as we can see the price fall back down very easily again.

Some people getting back into the groove and investing more in Bitcoin, as said above, some pools are starting to dabble with the thought of a bigger block size, meaning that the market might be buying more because there might be some good changes in Bitcoin's future that can be incredibly beneficial in the long-term.

[bit1]

12 hours ago (before I go to sleep) , the price was something like 575$ If I remember right , I woke up and found it 600$ (using preev.com rates) .
What could cause this price increase ? I checked some news websites and I couldn't find any obvious reasons , the only thing I read and I found interesting is Bitfinex paying their customers back from the HACK but I'm pretty sure It has nothing to do with the increase.

For whatever reasons it is it may possibly due to the growing need for bitcoins. Many are joining the community and many online businesses have opened. Many exchangers and platforms have opened. But for me it doesn't really matter as long as the price keeps increasing I will enjoy it and I will ear more cash from selling my bitcoins.

The problem is that the increase has happened in a few hours.
If it was really due to the growing need for bitcoins, the price increase should have happened over a few months, not in a few hours.

The largest volume  comes from XMR/BTC almost 30%, perhaps a part of this increase has relationship with Monero.

[magemist]

It does seem like price manipulation because now it is at $611 for no apparent reason. And it is strange for this too happen over the weekend when the markets are at a stand still.

[rifiuti]

Look at all the sig spammers scratching their noggins. 

I'll let u guise in on a secret... shhhhh.

There's a new #3 (flirting with #2) most powerful mining pool on the block... and they like big blocks. The market seems to like that.


https://blockchain.info/pools?timespan=4days
https://twitter.com/ViaBTC/status/771378443850092544
http://fintechist.com/worlds-sixth-largest-mining-pool-trialling-bitcoin-unlimited/
https://medium.com/@ViaBTC/battle-of-hash-rate-he-quitted-tencent-and-started-the-worlds-sixth-mining-pool-viabtc-a99601e919f5
https://twitter.com/ViaBTC/status/770897442376065025

 

Nice points made in the Medium article. Thanks for sharing.

[richardsNY]

I think it's just optimism that triggered the mini rally. One or more large players start with buying, and others directly jump on board and start buying up the price to higher levels. Let's see how much steam there is left before making a dive to sub $600 prices again.

[Yakamoto]

I think it's just optimism that triggered the mini rally. One or more large players start with buying, and others directly jump on board and start buying up the price to higher levels. Let's see how much steam there is left before making a dive to sub $600 prices again.

One big player triggering everyone else to buy is definitely one of the biggest things that cause rallies in today's market, however there might have been some news or something that most of us weren't paying attention to that make a lot of the market just decide to buy. I think that we won't necessarily see a quick dive to sub-$600 just because of the end of the rally, we might be lucky enough to see it stay above $600 for a week or so.

[Tzupy]

No manipulation, just a normal TA driven move.

[Hellacopter]

It was expected that the Bitcoin's price will increase since a while right now, and it happened and the price rise for over 600$ now. I think it will increase more in the few coming weeks

[adamstgBit]

everyone's loading up for the forking...

dont worry everything is going to be alright.