Wall Observer BTC/USD - Bitcoin price movement tracking & discussion

[xinzark]

What is happening with Btc-e ? Used to be behind every exchange
Any idea ?

Yes. They used to lag behind because it was extremely dificult to make deposits there.

What has changed?

Well, now there is a LOT of money coming from other coins (eth, dash, ltc, ...) so trader there are faster reducing the spread.

If it is coming from other coins then the price of other coins should have been dumped but that isn't the case here

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[Mervyn_Pumpkinhead]

Classic corporation/centralist shill.

Says the one who dreams of getting rich by buying an artificially scarce virtual currency, so that others will have to buy it from her in the future for a much higher price

[bitserve]

What is happening with Btc-e ? Used to be behind every exchange
Any idea ?

Yes. They used to lag behind because it was extremely dificult to make deposits there.

What has changed?

Well, now there is a LOT of money coming from other coins (eth, dash, ltc, ...) so trader there are faster reducing the spread.

If it is coming from other coins then the price of other coins should have been dumped but that isn't the case here

It's more complex than that. If we would experience a BIG pump on BTC you would see it more clearly. ALTS are continually pumping and dumping and there is always traders with liquidity on their BTC-e accounts. There's no need to be an inmediate connection between a rise in Bitcoin and a dump in altcoins.

[Mervyn_Pumpkinhead]

What is happening with Btc-e ? Used to be behind every exchange
Any idea ?

Yes. They used to lag behind because it was extremely dificult to make deposits there.

What has changed?

Well, now there is a LOT of money coming from other coins (eth, dash, ltc, ...) so trader there are faster reducing the spread.

If it is coming from other coins then the price of other coins should have been dumped but that isn't the case here

It's more complex than that. If we would experience a BIG pump on BTC you would see it more clearly. ALTS are continually pumping and dumping and there is always traders with liquidity on their BTC-e accounts. There's no need to be an inmediate connection between a rise in Bitcoin and a dump in altcoins.

When I used to trade BTC, then BTC-E / Stamp price correlation was an important indicator to me. If stamp was a lot higher then BTC-E, then it meant that new fiat was flowing in the market. When the difference started to decrease, then it meant that the flow of new fiat is starting to stop. People rarely use BTC-E to deposit or withdraw fiat. That's why it's always lower when new cash is flowing in and always higher when people are cashing out.

[bitserve]

What is happening with Btc-e ? Used to be behind every exchange
Any idea ?

Yes. They used to lag behind because it was extremely dificult to make deposits there.

What has changed?

Well, now there is a LOT of money coming from other coins (eth, dash, ltc, ...) so trader there are faster reducing the spread.

If it is coming from other coins then the price of other coins should have been dumped but that isn't the case here

It's more complex than that. If we would experience a BIG pump on BTC you would see it more clearly. ALTS are continually pumping and dumping and there is always traders with liquidity on their BTC-e accounts. There's no need to be an inmediate connection between a rise in Bitcoin and a dump in altcoins.

When I used to trade BTC, then BTC-E / Stamp price correlation was an important indicator to me. If stamp was a lot higher then BTC-E, then it meant that new fiat was flowing in the market. When the difference started to decrease, then it meant that the flow of new fiat is starting to stop. People rarely use BTC-E to deposit or withdraw fiat. That's why it's always lower when new cash is flowing in and always higher when people are cashing out.

That was correct when BTC was responsible of the majority of the volume and liquidity, but now "deposits" can come from other alts, withdraws can go to them too. And funds on trader's accounts can go to Bitcoin or other altcoins. ie: a trader may chose to buy bitcoin instead of ethereum if he sees the spread makes it "cheap".

As I said, its more complex than that, but the dynamics of the liquidity flow has changed greatly in the past months.

[gembitz]

Even though I mostly agree... I find it quite funny and ironic that we are here talking about Tulips when that is the same they all were saying about Bitcoin some years ago

I never said Bitcoin had anything related to the Tulip mania. Whoever did clearly didn't understand anything at that point of time. Looks awfully similar, doesn't it (the more you zoom out, the worse it gets)?



Compare that to the Bitcoin chart for the same time period (full view):

^we will be selling actual tulips for bitcoins..stay tuned :-D weee//^$2017

[Mervyn_Pumpkinhead]

Wtf is going on with ripple?

I waited 3 years for a 16x return. These boys get it in a few days

There are safe, simple and slow ways.. and there are risky, complicated and fast ways

[Denker]

Wtf is going on with ripple?

I waited 3 years for a 16x return. These boys get it in a few days

I believe some japanese banks will cooperate with them.
Anyways. Forget about Ripple. Centralized as f***.No Blockchain!
They should be erased from coinmarketcap.Totally scammy!
And polo is doing the rest for the pump.
With all that money flooding in on that exchange at the moment, people should be extremely cautious with trading over there.

[DaRude]

What is happening with Btc-e ? Used to be behind every exchange
Any idea ?

Yes. They used to lag behind because it was extremely dificult to make deposits there.

What has changed?

Well, now there is a LOT of money coming from other coins (eth, dash, ltc, ...) so trader there are faster reducing the spread.

If it is coming from other coins then the price of other coins should have been dumped but that isn't the case here

True, but BTC-e's order book is so thin it wouldn't take much to move it. They only have like BTC500 till $1800
But if i had some shitcoins i wanted trade for BTC i'd probably go with the best rate too

[oda.krell]

[...] When is it going to pop and who is going to be left holding these bags?

That's some serious lack of self-awareness, right there. All of the arguments can be, and have been applied to btc earlier as well. I didn't believe them back then, and as time progresses, that position is only confirmed. That said, nothing per se means that a bubbling alt market is a tulip mania, just like the bubbling btc market wasn't in itself a necessary signal for tulip mania back then.

Altcoins are absurd. 99% are scams, vaporware or have no use-case. [...]

Probably true in terms of percentage over coins, but not in terms of market cap (in a loose sense, I know).

I'm not worried about btc dominance, it is the main player and I don't see that changing in the near future, based on what I observe.

At the same time, some share of the total crypto market will shift to alts -- as a hedge, speculative mass, and simple funding innovation (or what is perceived as such). It would be a good idea, I believe, if people could wrap their head around this idea: as crypto is growing up, there's going to be more than one crypto -- and that doesn't mean that btc becomes 'just one of many alts' (USD is also just 'one among ~180 currencies', only, it is not just that)

[bitserve]

[...] When is it going to pop and who is going to be left holding these bags?

That's some serious lack of self-awareness, right there. All of the arguments can be, and have been applied to btc earlier as well. I didn't believe them back then, and as time progresses, that position is only confirmed. That said, nothing per se means that a bubbling alt market is a tulip mania, just like the bubbling btc market wasn't in itself a necessary signal for tulip mania back then.

Oh, it was. And it took almost two years to start recovering.

[oda.krell]

Oh, it was. And it took almost two years to start recovering.

We should first agree on what we mean by 'tulip mania'. I like to keep it distinct from 'speculative bubble'. Tulip mania to me means rising once, then never getting back again anywhere near its former glory.

[bitserve]

Oh, it was. And it took almost two years to start recovering.

We should first agree on what we mean by 'tulip mania' first. I like to keep it distinct from 'speculative bubble'. 'Tulip mania' to me means risingonce, then never getting back again anywhere near its former glory.

Ok, I can agree on that. Bitcoin obviously wasn't, as it has been shown. But it certainly was a case of unsustainable mania, like it is happening right now with many alts. Time will tell.

[Lauda]

That's some serious lack of self-awareness, right there. All of the arguments can be, and have been applied to btc earlier as well. I didn't believe them back then, and as time progresses, that position is only confirmed. That said, nothing per se means that a bubbling alt market is a tulip mania, just like the bubbling btc market wasn't in itself a necessary signal for tulip mania back then.

Disagreed. Anything that even closely resembled a bubble in Bitcoin has always crashed (see May 2013). It doesn't seem like you can recognize obvious bubbles, or are you telling me that >$20 billion poured into alts in <60 days?
 

Probably true in terms of percentage over coins, but not in terms of market cap (in a loose sense, I know).

It is true, but I did not mention market cap dominance being rightfully 99% did I?

I'm not worried about btc dominance, it is the main player and I don't see that changing in the near future, based on what I observe.

Neither am I. BTC dominance on market cap is nonsense due to several things:
1) Valuation of coins that have minimum trading volume (e.g. sometimes even sub $1000) in 24 hours as in several millions of market cap.
2) Counting centralized, corporation issued tokens such as XRP. This one is nonsensical
3) It's BTC, the digital gold up against several thousands of altcoins in that metric.
We are back above $1600 on Bitstamp. Why is everyone so quiet?

[ErisDiscordia]

We are back above $1600 on Bitstamp. Why is everyone so quiet?

I'm watching the battle for 1600$ at Stamp. Good show!

[Kramerc]

We are back above $1600 on Bitstamp. Why is everyone so quiet?

$1600 is simply boring. Wake me up at $3000...

edit: meanwhile, here's my favourite chart unfolding. Damn that bear market is ugly :/

https://ibb.co/fD5Rak

[Meuh6879]

"My lord, your GOLD standard (shitty fixed by london chamber) is over"

[AlexGR]

We first need to hit parity with the 400oz gold bars

[B1tUnl0ck3r]

We first need to hit parity with the 400oz gold bars

Soon enough! In the meantime the next seems to be $1600 and 1500 euros. Will see how it goes... It has been quite a meteoric rise recently!!!

[Elwar]

I'm liking whatever price Coinbase is using for bitcoin spending price.

I bought a ticket to Tahiti for the Seasteading conference that came to $1641. My bitcoin cost was about .99 BTC.