Post
Topic
Board Economics
Re: Why did bitcoin go down?
by
zef
on 11/04/2013, 02:46:53 UTC
ill put in my 2 cents here. I was watching the depth chart very carefully from the time bitcoin hit 200 all through the drop to 100. I believe there was a massive dark pool sell order, combined with the ddos, made it impossible for people to withdraw their buy orders, and for other sellers to get in and sell. meaning whoever it was chewed through all the buy orders from 250 down to 105. i don't know how many coins that was, but it was a lot.

the reason i think this was a dark pool sell was that there was a huge spread once bitcoin hit below 200. sellers were selling still around 180-190, while all buy orders were being  sold down to 120 or so. Buyers would creep back up, but anytime they did they would just get eaten up by an invisible sell. This kept going on until around buys were at 105, while all non dark sell orders were at about 140. I presume whoever was selling did not want the price to completely tank, as they stopped before it broke below 100, which would of probably caused a panic.

now who knows whats gonna happen, but i think this is a very bearish sign.