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ravin (OP)
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May 20, 2014, 08:04:31 PM |
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BTC touched $490 (from <$450) couple of hours back. Wondering what made this happen? Incidentally the exchange Cryptsy went offline for server maintenance almost the same time. Too much automated trading? @cryptsy "Trades will be paused for a short period at 12pm Today (EST) for a short maintenance period while we move a couple servers around." |
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Bitcoin mining is now a specialized and very risky industry, just like gold mining. Amateur miners are unlikely to make much money, and may even lose money. Bitcoin is much more than just mining, though!
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hilariousandco
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May 20, 2014, 08:17:40 PM |
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Basically it always comes down to supply and demand. There's probably no greater meaning or reason behind it other than that, and trying to pin one on it would just largely be pure speculation.
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Benjig
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May 20, 2014, 08:23:45 PM |
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Bitcoin's growth up to this point has consisted of a series of bubbles — rising rapidly in price for a time, only to crash back down. However, Bitcoin has taken many more steps forward than backward.
At $500, it's still much, much more highly-priced than it was at this time in 2013, 2012, or 2011.
Bitcoins are being mined constantly, at a regular pace. Many miners don't want to hold and sell their BTC for fiat currency on exchanges.
b) Shops like Overstock and Tigerdirect are putting back BTC on the market (the more successful they are in BTC sales, the more it gets recycled into theater when they exchange into fiat.
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ravin (OP)
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May 20, 2014, 08:28:13 PM |
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Basically it always comes down to supply and demand. There's probably no greater meaning or reason behind it other than that, and trying to pin one on it would just largely be pure speculation.
It most likely be. However, let me explain a hypothetical situation: A large exchange goes offline, BTC trading stops for a while. Algorithms are BTC starved and ready to pay a bit more per BTC. Since smaller exchanges 'follow' larger ones, this will quickly but temporarily spread resulting an overall high BTC price. Likely to happen? |
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Omikifuse
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May 21, 2014, 01:01:21 AM |
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BTC touched $490 (from <$450) couple of hours back. Wondering what made this happen? Incidentally the exchange Cryptsy went offline for server maintenance almost the same time. Too much automated trading? @cryptsy "Trades will be paused for a short period at 12pm Today (EST) for a short maintenance period while we move a couple servers around." Just assume that there is no more bad news and the good news is coming (many giant merchant is starting to accept btc). |
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ravin (OP)
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May 21, 2014, 04:49:22 AM |
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Just assume that there is no more bad news and the good news is coming (many giant merchant is starting to accept btc).
That's a good possibility. Thanks for the heads up. Any idea which they are? |
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dragone
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May 21, 2014, 05:38:29 AM |
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It can be multiple reasons, but I think personally its just a big whale making some purchases.
That also can be it or just simple reddit news about bitcoin.
I honestly dont know because theres more then 1 element effecting price.
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MrBig
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May 21, 2014, 05:47:41 AM |
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It's probably a whale trying to pump the price so they can dump coins for more profit. After the whale completes a large buy, the sheep see that and start buying too, pushing the price even higher. Then the whale dumps those coins for a tidy profit. Rinse and repeat.
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GraniteCoin
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May 21, 2014, 06:32:02 AM |
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There is no reason. It's just market wave.
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twitter.com/GraniteCoin
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Malin Keshar
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May 21, 2014, 06:41:00 AM |
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maybe good news(MIT, investments on bitpay, billionaires looking for btc, btc can be used to political donations in USA, etc)
maybe people that wanted to enter the market, but was afraid about big fall in price and with the recent stability entered in the market
maybe pump and dumo made by the whale secret society
maybe just some kind of luck that big buyers entered the market at the same time, without coordinating themselves
one could only speculate, but no way to know. In some days we will see if it is a pump and dump or not
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