Anyone else think the final SR1 BTC Auction is causing the price to drop?

http://www.coindesk.com/bidder-turnout-low-silk-road-bitcoin-auction/

Anyone else thinking perhaps the influx of coins sold (at what I would guess is a low price compared to market) could be the cause of the price dropping below 400USD today? Seems to me if someone picked them up and decided to unload them very suddenly, that it could potentially drive the price down rather quickly.

Speculation though....


Comments


[3 Points] TheDudeiestAbx:

There's random people in china/everywhere with wallets bigger than that one. Wouldn't be surprised if someone cashed out, just to bid on those coins for cheaper though. Anyone with 2000+ BTCcould make a huge profit if they cashed out those 2000 at market price, then bought 2000 more on auction for 2/3 the price.

Interesting BTC fact, There are a few wallets that have over 25 mill USD worth of BTC in them. The users of those can control the markets by buying or selling large ammounts at a different price, and then use that to make even more, because they actually control a noticeable percent of the product. Some even have bots that do it. They simply skyrocket the price, sell some, restock in a week after correction, repeat. Watch any large trading site, and you'll see people place 2000+ btc buy/sell orders all the time.

Also, blockchain wasnt processing transactions for about 16 hours if you paid less than 0.01 btc as your fee. There was simply too many of them to process. This caused the price to jump up a shit ton in the last week. Dont think that's actually the price though, just people taking advantage of about 1/4 of the btc being stuck in transactions. The actual price after correction will be no where near $400.

I think the BTC price after correcting will be about $290-$320, and we should expect that price within a week. Hundred dollar fluxuations happen a lot, usually every month or so. It will always correct as it always has.


[1 Points] None:

Yes. Someone was saying that yesterday when someone else asked about buying. They said wait bc they theorized the auction would drop prices. Which makes sense. It was a good chunk of coin


[1 Points] yalldontknowjack:

Rapid rise, led to the quick fall. Lots of people were selling all the way up to $500, then not enough people wanted to buy.

Look at the increase in volume since the beginning of October till now.
Oct 1. 24h Volume 17,660,420. Price $236
Nov 2. 24h Volume 43,117,300. price $330
Nov 3. 24h Volume 139,189,000 price $379
Nov 4. 24h volume 241,198,000 price topped off at $500 and began to drop.

I hope this is the end of the long downward trend.