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

[spooderman]

What about volume though? Back in April it was 10m to 45m a day. We are at best between 5-10m a day. Stamp down in the tens of thousands only. Think we became more of a niche?

If you exclude the months of March and April this year, the total BTC volume traded on exchanges has been remarkably stable over the last two years (measured in BTC per month):

http://data.bitcoinity.org/#caaaaafiaa

yes but I think USD volume is more relevant than BTC.

I'm just thinking that when everyone's partying and there are no bears left I start smelling blood.

In other words I see no reason for this price move up. Baidu news? Naah, that address only got a few transactions and lots of spam.
So wtf is going on? To da moon? new paradigm? 300kUSD/xBT? The singularity? Don't think so.

Time to move some coins from cold walled to Stamp.

That's the spirit!

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[SheHadMANHands]

I'm just thinking that when everyone's partying and there are no bears left I start smelling blood.

In other words I see no reason for this price move up. Baidu news? Naah, that address only got a few transactions and lots of spam.
So wtf is going on? To da moon? new paradigm? 300kUSD/xBT? The singularity? Don't think so.

Time to move some coins from cold walled to Stamp.

Media Attention > New Users/Speculators > Price Goes Up

It's not complicated.

Also, "lol" if you think Baidu news is about them making a killing off people paying with bitcoin from the get-go.  It's about acceptance of the technology, and, again, more media attention/worldwide coverage..

[wobber]

Guys, let's step back a bit and calmly analyze this price climb thoroughly and not jump to conclusions.

I would say that such prince swings are solid evidence that indeed, we are going to the moon and land there. By no circumstances we will be back, ever, into the triple digits again, after the next few hours.

[justusranvier]

yes but I think USD volume is more relevant than BTC.

What that chart shows is that there is that the market for exchanges is become more diversified.

If you've just been watching Mt Gox volume over the last 6 months you'd think that less trading was going on over time, but actually the same amount of trading is happening - it's just being more evenly spread out among the exchanges.

[SheHadMANHands]

yes but I think USD volume is more relevant than BTC.

What that chart shows is that there is that the market for exchanges is become more diversified.

If you've just been watching Mt Gox volume over the last 6 months you'd think that less trading was going on over time, but actually the same amount of trading is happening - it's just being more evenly spread out among the exchanges.

Yes, bold is a GREAT thing.

[derpinheimer]

yes but I think USD volume is more relevant than BTC.

What that chart shows is that there is that the market for exchanges is become more diversified.

If you've just been watching Mt Gox volume over the last 6 months you'd think that less trading was going on over time, but actually the same amount of trading is happening - it's just being more evenly spread out among the exchanges.

Not really. Gox volume is down a ton. Other USD exchanges up slightly. China has gained quite a bit, but not enough to cover for the death of magic the gathering online exchange.

[bobdude17]

China is on the move!

[adamstgBit]

china makes a new high, 953

[bobdude17]

china makes a new high, 953

lol 957 now

[adamstgBit]

damn its moving up again!  

[EuroTrash]

There is very little volume so price is going up fast with only a few buys and no asks. I am condescending if I say where such behaviour usually leads to?

Or maybe a few entities with deep pockets are staging some hell of a crash in order to harm the bitcoin economy.

Meworries

[Walsoraj]

yes but I think USD volume is more relevant than BTC.

What that chart shows is that there is that the market for exchanges is become more diversified.

If you've just been watching Mt Gox volume over the last 6 months you'd think that less trading was going on over time, but actually the same amount of trading is happening - it's just being more evenly spread out among the exchanges.

Yes, bold is a GREAT thing.

Incorrect. The market has fractured, not diversified. Fracturing makes manipulating the price easier.

[chriswilmer]

960... the Chinese rocket is taking off without us!

[notme]

We have 5 waves up from $65.  Elliot would say we need an ABC before we can go too much higher, but bitcoin is bitcoin so we may just rocket for the fun of it.  That said, there have been some pretty effective bear raids lately, so there is a chance there may be a few btc to be gained by a well timed sell.

[bobdude17]

There is very little volume so price is going up fast with only a few buys and no asks. I am condescending if I say where such behaviour usually leads to?

Or maybe a few entities with deep pockets are staging some hell of a crash in order to harm the bitcoin economy.

Meworries

Why? What did you expect to happen? If everybody thinks that bitcoin will be worth so much more in the future, they will hold until they think a fair price for their coins are reached. This is how the meltup will happen.

Bitcoins are insanely undervalued right now, they are acting accordingly.

[wobber]

964 on btcchina freaks me out.

[windjc]

yes but I think USD volume is more relevant than BTC.

What that chart shows is that there is that the market for exchanges is become more diversified.

If you've just been watching Mt Gox volume over the last 6 months you'd think that less trading was going on over time, but actually the same amount of trading is happening - it's just being more evenly spread out among the exchanges.

Yes, bold is a GREAT thing.

Incorrect. The market has fractured, not diversified. Fracturing makes manipulating the price easier.

Fractured? What? Why, because its not consolidated into one gigantic Gox?  The exchanges outside of Gox are growing.

I swear, I don't know why people like yourself are so infatuated with Gox. Get your money (BTC) out of there and move on. Your a fool if you still trade Gox. A fool.

[rabsie]

Couldn't agree more, with all Gox's problems I can't see why anyone would still trade there. Willl Gox die with a whimper or a bang?

[wobber]

Life taught me that whenever masses do something, I should do the opposite. When Gox had power, I moved out from them. Now, I would go with them.

[windjc]

Life taught me that whenever masses do something, I should do the opposite. When Gox had power, I moved out from them. Now, I would go with them.

Contrary to popular believe the masses dont jump from bridges. Only the few. On that note, be our guest