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/biz/ - Business & Finance

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12062591 No.12062591 [Reply] [Original]

A few hours ago, you could buy at 3350. Within minutes, someone was spending millions of dollars (if I'm reading the chart right) to buy at prices up to 3800. There is no sane reason to do that; even if you think it has bottomed, why not buy some at 3400 and let it settle then buy some more at 3450 or whatever. Buying when it is skyrocketing in a falling market makes zero sense.

Unless it's some sort of fraud it makes no sense at all.

>> No.12062598

>>12062591
Bitmex is trying to rekt players going long and short.
That's it.

>> No.12062608

>>12062591
we are at the bottom
the safe way to time the bottom if you don't know where it is, is to wait for the bounce and then buy

there are lots and lots of people waiting to get in, but they also are waiting for the bottom bounce

also the sell volume is negligible, it takes a fat dolphin to push it over 3800

>> No.12062614

>>12062591
The market is filled with retards who need someone to tell them when to buy. If the price goes up fast, they fomo in thinking it will go to $6k or something

>> No.12062617

>>12062591
it makes sense.

Maybe someone covered its shorts.
Or just wanted to be that guy who turned the market around with his/her market buys

>> No.12062634

Just liquidating shorts. Nothing more.

>> No.12062635
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12062635

>>12062591
>Within minutes, someone was spending millions of dollars
yeah, nah
https://www.ccn.com/6-billion-daily-crypto-volume-is-being-faked-how-can-it-be-combated/

>> No.12062642

>>12062608
Is biz really this dumb to believe this?

>> No.12062648

>>12062591
Because fuck you bears thats why. No cheap coins for you, missed the boat bucko.

>> No.12062657

>>12062591
What site are you using for that chart?

>> No.12062664

>>12062642
yep

>> No.12062671

>>12062657
Bitcoinity.org took me a second.

>> No.12062720

>>12062617
>>12062634

I still don't see why you buy at 3800. why not buy some at 3400 like OP said, then let it settle and buy some more. There's no way the short contract forced someone to but at 3800 rather than wait 5 minutes to see if it was going to come back down. Are you saying they thought it was going to shoot up and stay up for a long time?

>> No.12063258

>>12062720
No 5 minutes. The broker liquidates your position when trading on margin.

>> No.12063357

>>12062591
Price pumped to 3600 and triggered stop losses by some shorts, which were market executed and pumped the price up to 3800. Happens sometimes when there's not enough liquidity in the orderbook.

>> No.12063364

My God you guys are stupid.

A year ago people were happily paying $20k per Bitcoin. That's still the price, it's just that some people are being generous this year and are sharing their wealth.

Some people. Not all. Supplies are fucking limited. Very limited.

>> No.12063423

>>12062591
have you ever heard of automatic buys; and bots; and even wrecking shorts?