$3.20 in one big buy?

[bittenbob]

Just saw a massive buy rally up to 3.20 instantly which is the single biggest percentage rally i have seen in my times of watching MTGox yet. What does everyone figure is going on now and are we headed up or down?

I have to think someone with a lot of cash and coins might have just hit the buy button on an order instead of sell. I suppose we could be headed for a big rally up to 4 soon but this seems like more of a fluke to me and think we will be down towards 3 again soon.

[tiberiandusk]

Some cartel is funneling cash into bitcoin. I expect $25 by tomorrow.

[phorensic]

Volume is off the charts today.  It's been fun watching the big buys.

[antoineph]

It seems to me like someone just bought 11k coins at 10 cents higher than they might have been able to.. A bid wall was placed at 3.195 and it got ate pretty fast. I guess we'll see what happens next.

[bittenbob]

It seems to me like someone just bought 11k coins at 10 cents higher than they might have been able to.. A bid wall was placed at 3.195 and it got ate pretty fast. I guess we'll see what happens next.

Someone has 11k in coins i suspect they may not have wanted to actually buy. I think we can expect an hardened effort to continue raising the price. It is possible they are acquiring all these coins trying to trigger a bubble.

[notme]

The price may have moved a little more, but this surge to 3.20 was half the volume of the jump from 3-3.13 a few hours ago.

[adamstgBit]

It seems to me like someone just bought 11k coins at 10 cents higher than they might have been able to.. A bid wall was placed at 3.195 and it got ate pretty fast. I guess we'll see what happens next.

Someone has 11k in coins i suspect they may not have wanted to actually buy. I think we can expect an hardened effort to continue raising the price. It is possible they are acquiring all these coins trying to trigger a bubble.

the bubble will not form easily.

[Andrew Bitcoiner]

I believe I saw what was a 300k transaction on bitcoinuity.  The Manipulator has nothing else to do on a Saturday night.

[old_engineer]

It is possible they are acquiring all these coins trying to trigger a bubble.

Ah, that sounds like the capitalism I know: using money as a tool to make more money.

I guess the question is, at what point will they stop driving up the price, and start to sell to recoup their investment?

[notme]

now

[antoineph]

I wonder if the selloff has anything to do with the fact that mtgoxlive isn't working at the moment.

[notme]

I wonder if the selloff has anything to do with the fact that mtgoxlive isn't working at the moment.

I watched it fall, then mtgoxlive went out.

[somestranger]

Selloff was happening before mtgoxlive crashed. I saw it drop to 3.00 and then lost connection to mtgoxlive.

[notme]

And minutes later, we're right back to PI.

[Sitarow]

Ahem...

Get them while their hot!

[Andrew Bitcoiner]

Selloff was happening before mtgoxlive crashed. I saw it drop to 3.00 and then lost connection to mtgoxlive.

Note to self: DOS mtgoxlive via a few 20,000btc trades.

[Andrew Bitcoiner]

I'm now thinking the Manipulator is a couple guys on IRC who drink to much and mess with the market for shits and giggles.

[bittenbob]

I have noticed that virtually every time we have major market moves MTGoxlive goes down. Thankfully there are a few other sites that track mtgox in real time  so it doesnt hurt to have all of them running at once. I am not sure if it is a volume thing that is bringing mtgoxlive down but I dont think its a DOS attack. I am getting a 404 error which is new and a DOS attack would leave it unreachable.

[RyNinDaCleM]

I found it was responding fine...until I refreshed!   

[notme]

I think it's probably choking when it tries to send out 2000 orders over 250 different connections within 10 seconds.