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

[Its About Sharing]

Thanks for clarifying things Rampion. I've been following the market depth at GOX daily for a month or so now. It has been looking a lot better lately. Though the depth is really an easily manipulated thing and even when it's not I wonder how valuable it is, consistently speaking (as orders are always pulled).

I'm wondering how much business is actually leaving Gox. Any ideas how much the Dwolla thing is really affecting them? I know Dwolla itself was probably not a huge funding source for them (more for small cats), but I think it scared people off Gox anyway, and rightfully so.

Anyone have any ideas on Gox here? I also wonder how much money is moving to Bitstamp. Any ways of seeing this via an order book / market depth comparison between the two?

[Rampion]

Crazy selling pressure at Bitstamp

It may look bad but $1.1mil takes out the entire red line. Not exactly "crazy"

Very crazy if you consider that a $950k dump (or BTC12.5k, which is nothing) would take us to almost single digits at Bitstamp. How about that?

If you did not get it, the graph means that ATM the total amount of fiat in Bitstamp's order book is not enough to bring the price over $125. On the contrary, the total amount of coins on Bitstamp's order book could bring the price to almost 0.

Obviously money and BTC can enter or vanish from the order book in the blink of an eye, but still one fact remains: the selling pressure is huge compared to the bid side at Bitstamp.

[Its About Sharing]

Interesting...

Volume on MtGox (via ClarkMoody) is 6,000
Volume on Bitstampt (via frontpage) is 5,000!!!

Is it possible that Bitstamp is moving in so quickly on MtGox???

[FNG]

If you did not get it

 

[dexX7]

Well this is the data from bitcoincharts.org:

[Rampion]

Thanks for clarifying things Rampion. I've been following the market depth at GOX daily for a month or so now. It has been looking a lot better lately. Though the depth is really an easily manipulated thing and even when it's not I wonder how valuable it is, consistently speaking (as orders are always pulled).

I'm wondering how much business is actually leaving Gox. Any ideas how much the Dwolla thing is really affecting them? I know Dwolla itself was probably not a huge funding source for them (more for small cats), but I think it scared people off Gox anyway, and rightfully so.

Anyone have any ideas on Gox here? I also wonder how much money is moving to Bitstamp. Any ways of seeing this via an order book / market depth comparison between the two?

A lot of coins disappeared from Gox - it looks that almost BTC50k coins vanished from Gox order book just after the Dwolla situation, and obviously that figure does not count all the coins that were sitting on Gox without being on the order book. Anyhow, taking into account that the total amount of coins in the order book went from aprox. BTC170k to aprox. BTC120k, we can estimate that aprox. 30% of the total amount of coins sitting on Gox left that exchange after the Dwolla situation.

This huge amount of coins did not go to Bitstamp - only BTC18k are sitting at Bitstamp's order book, so we can safely assume that the gran majority of the individuals that withdrew their coins from Gox just sent them to a local wallet.

On the contrary, the bid sum increased just after the Dwolla situation (as expected - fearing people converting their fiat to BTC to withdraw it fast), but then it stabilized quite nicely to aprox. $21M, which is still more than x20 times the amount of fiat at Bitstamp order book, and is still a figure very close to ATH ($23M).

In my opinion we are living a "wait and see" situation. The fearful already withdrew their coins from MtGox immediately after the Dwolla thing, and the ones which still have some of their coins and their fiat there (I personally do) are not very worried.

Honestly, I do not see Bitstamp taking away a lot of business from MtGox soon - you have to take into account that verification to deal with significant money is a lengthy process, and Bitstamp does not even allow EUR trades. Then, Gox has a long history and is very trusted - they had customers who dealt with million $ and they never run away with their money, which is a big plus for big-money traders. I really doubt big time investors will run from Gox unless some real, trusted alternative is launched - perhaps an exchange run by some big Wall Street player.

I guess the best thing that could happen to Bitcoin is a very big financial player buying MtGox to run their operations in a 100% legal and professional way, while improving every aspect of their trading engine.

[ChartBuddy]

[ChartBuddy]

[needmorecoins]

Is $123 the new $13?

Hope it's not like the 2011 $13 where it slowly went down...

[icekiss]

Something might just start to be happening. The walls around 121 are starting to get eaten for the first time (200BTC at 121.39 in the last minute)

[Coinseeker]

Something might just start to be happening. The walls around 121 are starting to get eaten for the first time (200BTC at 121.39 in the last minute)

Just noticing that.  Looks like we may be headed to 120.

[icekiss]

that wouldn't be me much of a price move  
But it depends on trading volume, which is still too low for that. There are still 440BTC sitting at 121.33 and 2930 to get to 120.97.
It would need a lot more volume to destroy those walls.
Just thought it interesting that they even get attacked at all, at that volume, looking how massive they are...

Right now I am waiting for bitstamp to go down, which is sitting at 117.4/118.2 (Bid/Ask), which is very high in comparison to the average offset to mt.gox of the last days.

[awakening]

Rampion +1

[fitty]

This kind of volume is just the buying/selling from Bitcoin transactions.

BitPay accepts Bitcoins for businesses, turns around and sends them the USD/EUR/ETC... For the most part they sell those coins right away (or risk losing money). I'd think it would be too risky to hold coins, the market goes the wrong way they could lose their ass. They need constant fiat to be sending back out to the businesses accepting Bitcoins.

Regardless, there's lots of these places that need to buy/sell constantly during the day. At this kind of volume, it's just Bitcoin transactions. It's hard to read much more into it at this point.

We've had some pretty violent corrections, people who really wanted to get out, have gotten out. People who really wanted it, have gotten in. Lots of people waiting for a drop to get back in. Lots of new people waiting to see if this price holds before buying. I sense a lot of "wait and see" right now in the market. MtGox hasn't even discusses the DHS issue. It looks like we're primed for an uptrend, but it's probably not going to be the rallies we've been used to seeing.

Of course if a few whales decide to drop 5-10M buying up coins all bets go out the window. But right now no one is in a rush to sell, no one is in a rush to buy. Ahhh stability.

[MelMan2002]

yall ready?  Let get this party started 

[adamstgBit]

Goooood Morning Bitcoin!!

good quick daily updates on bitcoin!  

[Coinseeker]

This kind of volume is just the buying/selling from Bitcoin transactions.

BitPay accepts Bitcoins for businesses, turns around and sends them the USD/EUR/ETC... For the most part they sell those coins right away (or risk losing money). I'd think it would be too risky to hold coins, the market goes the wrong way they could lose their ass. They need constant fiat to be sending back out to the businesses accepting Bitcoins.

Regardless, there's lots of these places that need to buy/sell constantly during the day. At this kind of volume, it's just Bitcoin transactions. It's hard to read much more into it at this point.

We've had some pretty violent corrections, people who really wanted to get out, have gotten out. People who really wanted it, have gotten in. Lots of people waiting for a drop to get back in. Lots of new people waiting to see if this price holds before buying. I sense a lot of "wait and see" right now in the market. MtGox hasn't even discusses the DHS issue. It looks like we're primed for an uptrend, but it's probably not going to be the rallies we've been used to seeing.

Of course if a few whales decide to drop 5-10M buying up coins all bets go out the window. But right now no one is in a rush to sell, no one is in a rush to buy. Ahhh stability.

Very good point.  Didn't think of that.

[Frozenlock]

So if I understand correctly, the volume is even more abyssal than we think? 

Wouldn't services like Bitpay use some darkpools?

[Its About Sharing]

This kind of volume is just the buying/selling from Bitcoin transactions.

BitPay accepts Bitcoins for businesses, turns around and sends them the USD/EUR/ETC... For the most part they sell those coins right away (or risk losing money). I'd think it would be too risky to hold coins, the market goes the wrong way they could lose their ass. They need constant fiat to be sending back out to the businesses accepting Bitcoins.

Regardless, there's lots of these places that need to buy/sell constantly during the day. At this kind of volume, it's just Bitcoin transactions. It's hard to read much more into it at this point.

We've had some pretty violent corrections, people who really wanted to get out, have gotten out. People who really wanted it, have gotten in. Lots of people waiting for a drop to get back in. Lots of new people waiting to see if this price holds before buying. I sense a lot of "wait and see" right now in the market. MtGox hasn't even discusses the DHS issue. It looks like we're primed for an uptrend, but it's probably not going to be the rallies we've been used to seeing.

Of course if a few whales decide to drop 5-10M buying up coins all bets go out the window. But right now no one is in a rush to sell, no one is in a rush to buy. Ahhh stability.

Very good point.  Didn't think of that.

Who are you and what happened to Coinseeker? Seriously, did you go to FUD rehabilitation or what?
Welcome, whoever you are  

[gizmoh]

This kind of volume is just the buying/selling from Bitcoin transactions.

BitPay accepts Bitcoins for businesses, turns around and sends them the USD/EUR/ETC... For the most part they sell those coins right away (or risk losing money). I'd think it would be too risky to hold coins, the market goes the wrong way they could lose their ass. They need constant fiat to be sending back out to the businesses accepting Bitcoins.

Regardless, there's lots of these places that need to buy/sell constantly during the day. At this kind of volume, it's just Bitcoin transactions. It's hard to read much more into it at this point.

We've had some pretty violent corrections, people who really wanted to get out, have gotten out. People who really wanted it, have gotten in. Lots of people waiting for a drop to get back in. Lots of new people waiting to see if this price holds before buying. I sense a lot of "wait and see" right now in the market. MtGox hasn't even discusses the DHS issue. It looks like we're primed for an uptrend, but it's probably not going to be the rallies we've been used to seeing.

Of course if a few whales decide to drop 5-10M buying up coins all bets go out the window. But right now no one is in a rush to sell, no one is in a rush to buy. Ahhh stability.

Very good point.  Didn't think of that.

Who are you and what happened to Coinseeker? Seriously, did you go to FUD rehabilitation or what?
Welcome, whoever you are  

One sees life differently when loaded with coins