Bitcoin trader floods market with $300 orders, causing price to flatline

Re:Bitcoin trader floods market with $300 orders, causing pr... by bobbyhotpockets on Sunday October 05, 2014 @11:57PM (#8414247)

I feel like I must be missing something. Listing such a massive block of bitcoin for sale ($9 million!) shouldn't cause the price to flatline, it should be dropping as more and more sellers realize the price is effectively capped at 300 for the time being.

I can't figure out why more people aren't rushing in to sell in front of the 30k shares. Conversely, why are people buying now when their would seem to be availability at 300 later if the price doesn't actually drop?

This sort of behavior makes it seem like the market isn't nearly as liquid as conventional exchanges.

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Re:Bitcoin trader floods market with $300 orders, causing pr... by ISL on Monday October 06, 2014 @12:07AM (#8414257)

Apparently, a lot of people are happy to buy at $300, and think the price will go up or have some other use for that many BTC.

It'll be neat to see if another whale comes along and cleans it out at the fixed price.

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