Up Almost $1000 in One day? - How is this possible?

[minerus]

This is completely insane, How can fluctuations like this be possible? It seems to me that people that bought high are now driving market to cover and pull out> Can anyone help me make sense of this, I'm a new member and I day trade stocks. But I cant make sense of this. Its like drunk gorillas hitting the buy button. And all this weeks from a possible split?

[Nougat]

There doesn't have to be a "good" reason as it's just the marginal buyer and seller that sets the latest trade price.   It's not surprising that the price is rising as resolution of the scaling issue in the most favorable (for stability) possible outcome has restored confidence among traders and investors.   You could consider price action the past few weeks/months as being suppressed by the cloud over the scaling debate and that restriction is now lifted.  As for the magnitude of the swings, blockchain assets are one of the most freely and organically traded things these days.  Stocks were once like this before central banks started obsessing over them.

[minerus]

Great answer, Thank you for your input. Where do you see the market in the next few months? With coinbase not allowing transactions after July 31ST? Im sure other places will do the same? Do you think this will affect the price action?

[iamTom123]

This is completely insane, How can fluctuations like this be possible? It seems to me that people that bought high are now driving market to cover and pull out> Can anyone help me make sense of this, I'm a new member and I day trade stocks. But I cant make sense of this. Its like drunk gorillas hitting the buy button. And all this weeks from a possible split?

Well, since you are a day stock trader, I am taking you as an authority on what you are doing and something is really confirmed coming from your own experience. Cryptocurrency (Bitcoin) is behaving differently because it is a very different animal...that is compared to stocks, forex, commodities and other trading vehicles.

We all know that in Bitcoin volatility is the name of the game and that $1000 in a day is not anymore shocking in here. Well, volatility has been the very reason why many crypto-traders are making huge money though it can also be the same risk that can kill anyone's trading career here.

[pooya87]

~ Its like drunk gorillas hitting the buy button. And all this weeks from a possible split?

it is exactly that. drunk gorillas hitting buttons! and all of it was because of their idiocy, laziness to educate oneself, and laziness to fact check an FUD.

for the past week there was a lot of bullshit around, each of them easily verifiable with some quick research. but it seems like bitcoin investors (these gorillas) are mostly interested in an easy way of gaining information aka reading what random dudes on the forums tell them.

the possibility of a split has always been very small. i have been saying this from day 1. miners won't kill their own million dollar investment. there is a lot of drama and shenanigans but it has always been public stunts to get those gorillas to panic and sell their coins cheap. and when you get their coins at $1800 it is time to tell them "there will be no split" then they panic again and start buying back.

the funny thing is, there is currently another wave of FUD going around
now they are saying "locked in" doesn't matter. miners will betray us and don't continue signaling. it is starting to look like a zoo.

[cafucafucafu]

This is completely insane, How can fluctuations like this be possible? It seems to me that people that bought high are now driving market to cover and pull out> Can anyone help me make sense of this, I'm a new member and I day trade stocks. But I cant make sense of this. Its like drunk gorillas hitting the buy button. And all this weeks from a possible split?

I think the answer to this question is actually quite simple, i think it is called the snowball effect or the bandwagon effect.

When bitcoin rises in price, people will hop the bandwagon and when people start buying bitcoin the demand rises and with a higher demand the price will rise.

When bitcoin falls, people will start panic selling for even lower prices and this shows the demand decreasing which then lowers the price.

[The Sceptical Chymist]

If you day trade stocks, you ought to understand the concept of volatility,  no?  I agree, the price jump in the last 3 days or so has been insane, but it's futile to look for an answer as to why it happened.   You don't need to know why to be a successful trader anyway.   As I've said in similar threads, there's more buying than selling right now.  Who knows why.  I don't,  and no one on this forum knows either with any certainty.

[Bighero76]

i bought 5 btc last weekend in hopes of this. right now i am $5k richer and just cashed out.

i don't see us hitting $3k anytime soon. guarantee this weekend it will stabilize around $2500

[jubalix]

Bitcoin has been massively depressed due to the internal civil war, which now seems resolved.


Also versus every other asset class bitcoin is un-rigable (if that a word).

Forex, gold , stock, Fiat, bonds, etc they are all subject to massive and irrational gov intervention.


What your seeing is the umasking of the reichsmark like hyperinflation we are actually in masked by low interest rates and money printing  / debt issuance.

We are actually in hyper inflation, its just govs/banks a cannot say that, and they are using massive money printing and delegating to banks the debt issuance power, and you see your buying power quickly going down.

Here comes bitcoins.....it cannot be quantitatively eased, guess where the value is going to go by a rational entity......


see you at 100K a bitcoin and then some.

[fearcoka]

Bitcoin has been massively depressed due to the internal civil war, which now seems resolved.


Also versus every other asset class bitcoin is un-rigable (if that a word).

Forex, gold , stock, Fiat, bonds, etc they are all subject to massive and irrational gov intervention.


What your seeing is the umasking of the reichsmark like hyperinflation we are actually in masked by low interest rates and money printing  / debt issuance.

We are actually in hyper inflation, its just govs/banks a cannot say that, and they are using massive money printing and delegating to banks the debt issuance power, and you see your buying power quickly going down.

Here comes bitcoins.....it cannot be quantitatively eased, guess where the value is going to go by a rational entity......


see you at 100K a bitcoin and then some.

100.000$ for buy a Bitcoin not impossible, Bitcoin can do that when government accept Bitcoin as digital cash and accept existence of cryptocurrency. Investor from other market will know Bitcoin is potential market and make the price increasing stable, not as now just by mentality of trader and speculator

[coynedterm]

This is completely insane, How can fluctuations like this be possible? It seems to me that people that bought high are now driving market to cover and pull out> Can anyone help me make sense of this, I'm a new member and I day trade stocks. But I cant make sense of this. Its like drunk gorillas hitting the buy button. And all this weeks from a possible split?

Actually all these are parts of the market , in the starting people were fearing that they will.loss their Bitcoin in the network due to experiment but in actual there was no much problem , after the official announcement about this thing that Bitcoin is fully safe and they guided by the post that how to remain safe .
The most of the newbie started to buy the Bitcoin so the price came again at the stable rate again , and I think it will.more and .ore increase again because after segwit2x launching all things will became more efficient in the network to use .
So here we should learn this lesson that never get into panic and buy more and more Bitcoin time to.time by down in every 100$ .

[freedomno1]

It is called variance which is normal for Bitcoin, at least before that long steady period large dips and drops were part of the normal operating history and part of the thing that makes speculation so fun at times. Ethereum did that the other day as well then dropped that but it was due to the BTC rally that changed its prices, at the very least it is similar to stocks to an extent the value goes up and down at a whim sometime depending entirely on the sentiment.

[boyptc]

i bought 5 btc last weekend in hopes of this. right now i am $5k richer and just cashed out.

i don't see us hitting $3k anytime soon. guarantee this weekend it will stabilize around $2500

Damn I'm striving to earn that for a year but you just earned that less than a week? This is the best thing about crypto currency specifically with bitcoin, the price can go up too much if the demand gets higher. And expect that there is something that is going to balance the rapid price increase. This is the second time seeing bitcoins price quickly.

[TastyChillySauce00]

seeing from the dumps towards BTC in just a few days and could heavily make the price falls about 20%, it pretty much makes sense, but that's how the crypto world works.
Have you seen how ETH gaining its price pump until 4000%, you may consider this as the most insane price movement.

[jubalix]

Bitcoin has been massively depressed due to the internal civil war, which now seems resolved.


Also versus every other asset class bitcoin is un-rigable (if that a word).

Forex, gold , stock, Fiat, bonds, etc they are all subject to massive and irrational gov intervention.


What your seeing is the umasking of the reichsmark like hyperinflation we are actually in masked by low interest rates and money printing  / debt issuance.

We are actually in hyper inflation, its just govs/banks a cannot say that, and they are using massive money printing and delegating to banks the debt issuance power, and you see your buying power quickly going down.

Here comes bitcoins.....it cannot be quantitatively eased, guess where the value is going to go by a rational entity......


see you at 100K a bitcoin and then some.

100.000$ for buy a Bitcoin not impossible, Bitcoin can do that when government accept Bitcoin as digital cash and accept existence of cryptocurrency. Investor from other market will know Bitcoin is potential market and make the price increasing stable, not as now just by mentality of trader and speculator

3 year out....yeah 100K is possible, but I think it will be more to do with financial markets, not govs getting in.

[1Referee]

100.000$ for buy a Bitcoin not impossible, Bitcoin can do that when government accept Bitcoin as digital cash and accept existence of cryptocurrency.

Governments accepting it? You ever read back your posts and realize that certain things don't make sense at all? Governments aren't interested in Bitcoin itself. In most cases it's just the blockchain as technology they see value in. Also, if they ever want to release a government issued digital currency (which is likely going to happen as certain countries have been very open about it), it will be their own centralized version. In that regard, it's highly unlikely to see governments ever get involved in Bitcoin directly - chances are sub 0.5%.

3 year out....yeah 100K is possible, but I think it will be more to do with financial markets, not govs getting in.

Basically that. More governments legalizing Bitcoin will definitely contribute towards making Bitcoin far more accessible as investment option for institutions. Also, certain financial instruments (i.e. Bitcoin ETF's) will also heavily contribute towards an insanely higher price. Speaking about ETF's, the SEC still hasn't made any announcements regarding their ETF review.

[HI-TEC99]

It's gone up very fast, but it didn't go up by almost $1000 in one day. During the biggest recent rise it went up by about $550 in one day.

The day before yesterday at 22.00 UTC it was $2293, yesterday at 22.00 UTC it was $2847.

http://www.coindesk.com/price/

[jubalix]

100.000$ for buy a Bitcoin not impossible, Bitcoin can do that when government accept Bitcoin as digital cash and accept existence of cryptocurrency.

Governments accepting it? You ever read back your posts and realize that certain things don't make sense at all? Governments aren't interested in Bitcoin itself. In most cases it's just the blockchain as technology they see value in. Also, if they ever want to release a government issued digital currency (which is likely going to happen as certain countries have been very open about it), it will be their own centralized version. In that regard, it's highly unlikely to see governments ever get involved in Bitcoin directly - chances are sub 0.5%.

3 year out....yeah 100K is possible, but I think it will be more to do with financial markets, not govs getting in.

Basically that. More governments legalizing Bitcoin will definitely contribute towards making Bitcoin far more accessible as investment option for institutions. Also, certain financial instruments (i.e. Bitcoin ETF's) will also heavily contribute towards an insanely higher price. Speaking about ETF's, the SEC still hasn't made any announcements regarding their ETF review.

ETF's have already happened its on ETH......if you check the dates .....so the SEC is effectively sidelined .... i think its pretty much over for old capital raising now.

[minerus]

It's gone up very fast, but it didn't go up by almost $1000 in one day. During the biggest recent rise it went up by about $550 in one day.

The day before yesterday at 22.00 UTC it was $2293, yesterday at 22.00 UTC it was $2847.

http://www.coindesk.com/price/


https://s24.postimg.org/k6m0h61cl/unconfirmed3.png




https://s14.postimg.org/lux41sx41/unconfirmed.png

Yes, not $1000 in a day. But It has made some of the biggest move in history so far.

[Denker]

Bitcoin has been massively depressed due to the internal civil war, which now seems resolved.


Also versus every other asset class bitcoin is un-rigable (if that a word).

Forex, gold , stock, Fiat, bonds, etc they are all subject to massive and irrational gov intervention.


What your seeing is the umasking of the reichsmark like hyperinflation we are actually in masked by low interest rates and money printing  / debt issuance.

We are actually in hyper inflation, its just govs/banks a cannot say that, and they are using massive money printing and delegating to banks the debt issuance power, and you see your buying power quickly going down.

Here comes bitcoins.....it cannot be quantitatively eased, guess where the value is going to go by a rational entity......


see you at 100K a bitcoin and then some.

100.000$ for buy a Bitcoin not impossible, Bitcoin can do that when government accept Bitcoin as digital cash and accept existence of cryptocurrency. Investor from other market will know Bitcoin is potential market and make the price increasing stable, not as now just by mentality of trader and speculator

Sorry but Bitcoin definitely doesn't need governments allowance to reach that price of 100k. With every coming crisis in the traditional  markets, more and more people will invest in Bitcoin! It won't matter if Bitcoin will be legal or not! It just will happen! And once we hit the exponential growth phase of s-curve adoption, things could happen pretty fast!
That's why we saw and still see all the drama happening imo. The smart guys know that accumulating Bitcoin for a relatively cheap price will get harder and harder within the next 3-4 years. SegWit activation was stalled just for that reason imo. For the average joe it will be difficult to buy a whole Bitcoin pretty soon! And this is the phase when we should and probably will move from BTC to Bits in terms of pricing.