Is this ramp because of Ukraine crisis?

[MatTheCat]

As I have stated many many times. I stopped being a bear after the $400 crash and for the first time in a long time, I have started to generally feel good about Bitcoin. As I have also stated many times, I didn't believe that Bitcoin had the strength to shake of the latent fear in the market without first testing its support...properly testing it that it, and not merely dipping its toes into $530s to form the most tenuous of double bottoms imaginable (it looks like a tiny pair of bollox on a 18 inch cock). The market seemed to be playing along to this lack of strength theme, with ultra low volume that was decreasing steadily (bearish as hell) and totally struggling at $580 resistance. As we all know however, today some very big Bitcoin buyers came to the market.

Outside of Bitcoin, Vladimir Putin has decided enough is enough with NATO trying to set up shop right on his front door step and has moved his troops into strategically vital areas in the Crimea. By all accounts, an invasion of a sovereign nation. The very first working day, right bang on Eastern European Office hours (it was 7am where I am) these instances of mass price insensitive buying power kick in right out of knowhere.

Is this because of the Ukraine situation?

Reasons why it might be:

• Bitcoin is a form of wealth that can be kept anywhere in the world independent of who might be controlling the banking system.
• In times of uncertainty, wealthy Ukrainians need to hedge their bets and have at least some wealth in a form that they can carry with them anywhere, or instantly send anywhere in the world if need be without having to rely on a banking system which may turn out to be not very well disposed towards many of these said individuals depending on how things turn out.

Reasons why it might not be:

• The market was very stagnant and and looked certain to be going back down, and these buy ins were just from a consortium of whales looking to give Bitcoin a necessary boost in order to avoid it going right down the shithole, even if they financially lose out in long run (which they most certainly will do if this is all market manipulation)

[RyNinDaCleM]

I don't think it's from the Ukrainians themselves, but that's not to say that speculators aren't pushing in anticipation

[njcarlos]

Nothing but manipulation.

[MatTheCat]

Nothing but manipulation.

How does one succeed at manipulating an otherwise stagnant and frightened market, that will be sure to plummet right back down to below the price that one purchased 90% of his 'manipulation' BTC to the tune of some 30 millions USD?

[BreathOfZen]

It may be Russians trying to avoid a war induced economic collapse.  Russian stocks are down 10%+ today and their currency is plummeting.  Ukrainians have had months of uncertainty in which to buy BTC, but for the Russians this weekend has been a new, sudden, and scary event.

[njcarlos]

How does one succeed at manipulating an otherwise stagnant and frightened market, that will be sure to plummet right back down to below the price that one purchased 90% of his 'manipulation' BTC to the tune of some 30 millions USD?

The action has shifted your bearish sentiment to "100% bullish" hasn't it? I've seen you mention it...

[WuttWutt]

putin is buying to pay his soldiers who only take bitcoin

[MatTheCat]

Doppelpost.

[MatTheCat]

How does one succeed at manipulating an otherwise stagnant and frightened market, that will be sure to plummet right back down to below the price that one purchased 90% of his 'manipulation' BTC to the tune of some 30 millions USD?

The action has shifted your bearish sentiment to "100% bullish" hasn't it? I've seen you mention it...

I haven't been bearish since bottom.

I was just cautiously optimistic and it turns out that my caution has cost me....but then, I can let myself off for not seeing this coming.

It may be Russians trying to avoid a war induced economic collapse.  Russian stocks are down 10%+ today and their currency is plummeting.  Ukrainians have had months of uncertainty in which to buy BTC, but for the Russians this weekend has been a new, sudden, and scary event.

GOOD FUCKING ANSWER!

[mercilesssuggy]

I didn't even read the body of the post.

In answer to the question in the subject, no. The rise is due to the UK confirming Bitcoins will be treated like a currency so no VAT at all on currency trades. The news is breaking across news-sites worldwide this afternoon... As a new news-site breaks the news, there's a bigger jump in the price.

[MatTheCat]

I didn't even read the body of the post.

In answer to the question in the subject, no. The rise is due to the UK confirming Bitcoins will be treated like a currency so no VAT at all on currency trades. The news is breaking across news-sites worldwide this afternoon... As a new news-site breaks the news, there's a bigger jump in the price.

Erm yes. Bitcoin goes fucking off the scales parabolic on regulatory reshuffling from UK government.

Are u going for forum idiot of the month award?

[chriswilmer]

As I have stated many many times. I stopped being a bear after the $400 crash and for the first time in a long time, I have started to generally feel good about Bitcoin. As I have also stated many times, I didn't believe that Bitcoin had the strength to shake of the latent fear in the market without first testing its support...properly testing it that it, and not merely dipping its toes into $530s to form the most tenuous of double bottoms imaginable (it looks like a tiny pair of bollox on a 18 inch cock). The market seemed to be playing along to this lack of strength theme, with ultra low volume that was decreasing steadily (bearish as hell) and totally struggling at $580 resistance. As we all know however, today some very big Bitcoin buyers came to the market.

Outside of Bitcoin, Vladimir Putin has decided enough is enough with NATO trying to set up shop right on his front door step and has moved his troops into strategically vital areas in the Crimea. By all accounts, an invasion of a sovereign nation. The very first working day, right bang on Eastern European Office hours (it was 7am where I am) these instances of mass price insensitive buying power kick in right out of knowhere.

Is this because of the Ukraine situation?

Reasons why it might be:

• Bitcoin is a form of wealth that can be kept anywhere in the world independent of who might be controlling the banking system.
• In times of uncertainty, wealthy Ukrainians need to hedge their bets and have at least some wealth in a form that they can carry with them anywhere, or instantly send anywhere in the world if need be without having to rely on a banking system which may turn out to be not very well disposed towards many of these said individuals depending on how things turn out.

Reasons why it might not be:

• The market was very stagnant and and looked certain to be going back down, and these buy ins were just from a consortium of whales looking to give Bitcoin a necessary boost in order to avoid it going right down the shithole, even if they financially lose out in long run (which they most certainly will do if this is all market manipulation)

I doubt it. The timing with the ending of the bear market is just a coincidence.

However, I have a strong feeling that at least some media outlets are going to attribute the rise of bitcoin prices to the Ukraine thing, just like they did a year ago with the Cyprus bail-in.

[msc]

Is this ramp because of Ukraine crisis?

No, it's because the Gox uncertainty is gone.  Everyone knows they're bankrupt, and that being said and done, Bitcoin is still valuable.  Anything Gox does from here on out will most likely either be positive or neutral.

[porcupine87]

I think so! Today I wanted to stay away from Bitcoin and concentrate on working on my thesis. But I just wanted to read the news. And well, people were talking from a possibility of war, the Russians get serious and I don't know where, but I might read something about "World War 3" somewhere. Yeah, and the Rubel lost a lot value. So I thought, I check the price of the Rubel and wondered, if it was adjusted on bte-e, too. And then I saw 585$ at btc-e. Surely, I wanted to see the other prices.

Ok, but then I worked, I thought it would stay around 600$. And then, when I came home: boom! 700$

So I don't think the Ukrainians are buying, but maybe a of other parts in the world which think, this could get serious. Just to be save, let's buy a few bitcoins...

[traderCJ]

Looks more like a larger institutional-type buy (coinbase, etc).

[seleme]

I didn't even read the body of the post.

In answer to the question in the subject, no. The rise is due to the UK confirming Bitcoins will be treated like a currency so no VAT at all on currency trades. The news is breaking across news-sites worldwide this afternoon... As a new news-site breaks the news, there's a bigger jump in the price.

Erm yes. Bitcoin goes fucking off the scales parabolic on regulatory reshuffling from UK government.

Are u going for forum idiot of the month award?

What's wrong with that?

That's very, very bullish. Regulation is bullish on it's own and this type of extremely positive regulation from such an important country is huge.

Saying that, I doubt that caused such a rise but it was very bullish thing that would surely be priced in soon.

[av123]

I think it's a combination of news out of the UK, conflict in Ukraine and the worst of the Mount Gox news coming out already (hopefully).

Price back to 666 as I type this.

[mgburks77]

Russia is propping up the ruble by selling gold, consequently btc is on the rise

[Raize]

I don't think it's from the Ukrainians themselves, but that's not to say that speculators aren't pushing in anticipation

I'm amazed at how many people thought Cypriots were buying back in April 2013, too. It's just speculators moving the price up and down.

[MatTheCat]

What's wrong with that?

That's very, very bullish. Regulation is bullish on it's own and this type of extremely positive regulation from such an important country is huge.

Saying that, I doubt that caused such a rise but it was very bullish thing that would surely be priced in soon.

The UK saying that aint gonna tax Bitcoin does not result in a parabolic mega/jump in Bitcoins value from $550 topping at $710 within 12 hours and to say otherwise is fkn madness.

The market was stale, without this impetus, it was going back down to to retest lows.

Someone posted in another thread, that Ukraine have limited bank withdrawals...and that is what it is. Capital Flight. People are scared of losing their money and can't get paper cash out of banks so some of them are sending it to Bitstamp. Unless someone within Ukraine puts a stop to transactions to Bitcoin exchanges, there will be more of this to come. That was the first wave of the earliest bank wires since the 28th, which was when the announcement was made.

Certainly wouldn't be shorting Bitcoin right now, no matter how good things look from a TA perspective.