Massive spike to $7 (then $15.9499) sunday 3PM BST at MtGox

[froggy]

Wow, just seen a massive spike up to $7 on Mtgox.  Anyone know what happened?  Gone back to $5.70ish at the time of writing but that was a huge upward move.

[Gabi]

Someone bought a lot of btc

[froggy]

Hee hee - yes, I guess, ask an obvious question....

[johnj]

I saw it too.  It looked like ~$100k.

[MaGNeT]

Someone bought a lot of btc

Must be like some 60,000$ 

[Gabi]

Back to 7

[NamelessOne]

It is the manipulator! Just put up 2000+ BTC wall at 7! Save us manipulator!

[Cluster2k]

My explanation for the completely irrational price activity:

- A faulty bot.  Sunday afternoon/night and someone isn't keeping an eye on their script.
- Someone is doing this for shits and giggles.  It's fun.  They have free money they didn't work for (early bitcoin mining).  Why not do something silly.
- Hacked account.  Maybe Bill Cosby is giving us a free present.  Sell while you can.

[NamelessOne]

10000 BTC wall at 7 now, haha.

[RyNinDaCleM]

Bought every coin up to $70, and has a $75,000 bid wall @$6.77!

[johnj]

My explanation for the completely irrational price activity:

- A faulty bot.  Sunday afternoon/night and someone isn't keeping an eye on their script.
- Someone is doing this for shits and giggles.  It's fun.  They have free money they didn't work for (early bitcoin mining).  Why not do something silly.
- Hacked account.  Maybe Bill Cosby is giving us a free present.  Sell while you can.

Edit:

Nvm.  The movement makes 0 sense.  Going with a bugged bot

[RyNinDaCleM]

oops! I meant $7!

[Cluster2k]

My explanation for the completely irrational price activity:

- A faulty bot.  Sunday afternoon/night and someone isn't keeping an eye on their script.
- Someone is doing this for shits and giggles.  It's fun.  They have free money they didn't work for (early bitcoin mining).  Why not do something silly.
- Hacked account.  Maybe Bill Cosby is giving us a free present.  Sell while you can.

I'm going to go with:

- People buying low, hoping to sell high.

And they all decide to put up bid walls at the exact same price, with 10,000BTC, then instantly remove those walls at the same time to make the price bounce like a yoyo.  It's obvious it's not a natural market.  Anyone can see that.

[johnj]

My explanation for the completely irrational price activity:

- A faulty bot.  Sunday afternoon/night and someone isn't keeping an eye on their script.
- Someone is doing this for shits and giggles.  It's fun.  They have free money they didn't work for (early bitcoin mining).  Why not do something silly.
- Hacked account.  Maybe Bill Cosby is giving us a free present.  Sell while you can.

I'm going to go with:

- People buying low, hoping to sell high.

And they all decide to put up bid walls at the exact same price, with 10,000BTC, then instantly remove those walls at the same time to make the price bounce like a yoyo.  It's obvious it's not a natural market.  Anyone can see that.

I changed it while you were still typing.

[Cluster2k]

My explanation for the completely irrational price activity:

- A faulty bot.  Sunday afternoon/night and someone isn't keeping an eye on their script.
- Someone is doing this for shits and giggles.  It's fun.  They have free money they didn't work for (early bitcoin mining).  Why not do something silly.
- Hacked account.  Maybe Bill Cosby is giving us a free present.  Sell while you can.

I'm going to go with:

- People buying low, hoping to sell high.

And they all decide to put up bid walls at the exact same price, with 10,000BTC, then instantly remove those walls at the same time to make the price bounce like a yoyo.  It's obvious it's not a natural market.  Anyone can see that.

I changed it while you were still typing.

Yeah, I noticed once the page refreshed after I clicked Post 

[Bigpiggy01]

In Bot we trust!!!! 

[RyNinDaCleM]

Aaannd, back to $5.93!

[johnj]

It jumped to 9 when I wasn't looking

[Cluster2k]

Giant swing, Giant Swing!

http://www.youtube.com/watch?v=WUm85c__Z0g

[johnj]

Holy shit, don't blink