Not only has the market refrained from panic selling below 300 USD per btc (where 275 USD became the lowest point), people are even chomping the Bitcoin sell wall. If you watch the order book and the live trades you can see the Sell Wall of Death is being eaten alive, little by little. Most buys are from one to ten bitcoins, while every 10 to 30 minutes someone chomps up more than 200 to 300 bitcoins.
Just in 14 hours the sell wall has shrunk by more than 50%.
Update: the sell wall is now below 14 000 bitcoins just 30 minutes after I started on this post.
Update: the sell wall disappeared at 09:10 CET approximately 17 minutes after this post was published.
Well, that's the question we all wonder about. I have a few theories, but since only the whale himself really knows who he/she/they are (and Bitstamp), I will only write up the obvious guesses.
Leave a comment below with your suggestions.
People are also discussing why someone would want to bring the Bitcoin price down (or get rid of their bitcoins). For someone to actively seek out to crash the Bitcoin market, they would need to gain from a crash. This could be traders shorting Bitcoin, other companies or banks that see Bitcoin as a threat, or similar. When Russia plans to fine its Bitcoin users, there may be a couple of Russians that want to unload their Bitcoin holdings. However, this does not explain why the sell wall is located on Bitstamp.
What do you think are the motives of the Bitcoin Whale?
In a time where you would suspect the Bitcoin community would be in despair and frantic, most Bitcoiners are actually having a blast. This market (and volatility) is what makes us going, it fuels our interest. On Reddit you can find funny posts about the current Bitcoin situation.
Gif of traders waiting for the Bitcoin price to budge from 300.
Leave a comment below with your thoughts.
Last modified (UTC): October 6, 2014 9:14 AM