So this all makes perfect sense, eh?
Weeks and weeks of excitement and price rise on all exchanges. People were saying China was leading, providing 90% of the volume, and couldn't get enough.
Then an auction ends.
Then an exchange has network problems and goes offline for a bit.
Meanwhile price plummets.
Exchange comes back online.
But now we're at -130/btc, and all trading has essentially come to a complete halt.
Makes perfect sense, right? But...but.. China demand?? Right?? Fellaz??
I just put bitcoinwisdom on 6h so it shows from the beginning of the run up and I don't see volume going down. Not at 4h, 2h or 1h either.
BTW I'm not used to anything making sense.
High selloff volume is not the same as high buying volume. If China buying demand was really there and accounted for 90%, they'd just steamroll over this sell off, actually they would look at it as a huge buying op.
I'm getting sick of people still touting that 'China' is somehow responsible for all the supposed demand. They aren't, because the whales that ran this up are not Chinese, they simply have open accounts on all worldwide exchanges include the Chinese ones. That's the dirty secret that the whales don't want you to know.
Huh and here i was thinking that each transaction has a buy and a sell side. So who's buying the coins during those high selloff volumes? And who's selling them at high buying volume?
I wouldn't say they account for 90%, but even 30% in NEW demand would shift this thin market dramatically. It's clear to the casual observer that the previous rallies started on Chinese exchanges (i.e. trading in CNY) true that whale can be anyone just trading on a Chinese exchanges, but due to trades being in CNY we can conclude that not many westerners would trade $ into CNY before purchasing BTC