Why is the price going down? Blatant manipulation?

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Posts: 130

In this screen shot taken today (not by me) you see someone with a 30k BTC sell wall. That is 8 million dollars worth of btc. This is a clear indicator of someone purposely pushing the price down.

http://i.imgur.com/DUltdFM.png

http://t.co/K1jLfniNNI

This wall has been coming and going on bitstamp all morning. Also talk of the same person active on other exchanges.

Here is 40k btc moving on the blockchain:

https://blockchain.info/address/159SCycgn8weAy2XGUEhD6V1RTFni7E3iq

Interesting bearwhale speculation:

https://www.reddit.com/r/BitcoinMarkets/comments/2hyl9c/daily_discussion_wednesday_october_01_2014/ckxbdu6

Posted on October 5, 2014 at 10:31 AM
Last Edited: October 5, 2014 at 12:01 PM

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cryptozio

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I hope this sell wall will stay there some more days, I'm sending all what I can afford to Bitstamp...

Posted on October 5, 2014 at 1:33 PM
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CoinAdd1ct

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I stand corrected. That 30k btc wall at $300 stood for almost 6 hours while it was eaten away at. "Bear whale" as he has become know on reddit liquidated $9,000,000 USD in bitcoin, 30,000 BTC

What looked to be clear manipulation turned out to be a fire sale.

Here is a good screen shot of the chart standing still for 5+ hours at $300: https://ounce.me/blog/the-bitcoin-bearwhale-has-been-harpooned/

One thing is for sure. Today will go down in bitcoin history.

Posted on October 6, 2014 at 12:21 AM
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ltbharley

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The wall was eaten or removed?

They were only 15k, where are the other 15k we have seen yesterday?

Posted on October 6, 2014 at 1:24 AM
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RDX

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I wish the wall had stayed there some more time. I was about to place an order at $300.

Anyway, this is actually relief for me. I was thinking the price was going down forever. But it was only one seller. So I hope the price will swing back up rapidly.

Posted on October 6, 2014 at 2:39 AM
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CoinAdd1ct

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@ltbharley The wall was eaten or removed?

They were only 15k, where are the other 15k we have seen yesterday?

I believe it was eaten. For a period of 5 hours, give or take I watched live as 20k coins slowly were sold. Prior to that it appeared that he was selling off chunks in the 1k-3k range just above 300. Check out the 1 min chart on bitcoinwisdom.com and look at yesterday. Never seen a long flat line like that before.

After watching this for a couple hours, I decided it was not going lower than 300 this day, and bought as many coins as I could afford at $301.50. Very pleased with this price, brought my avg down a good bit.

Here are some links, I have to run, no time to make this post look pretty.

http://instagram.com/p/tzgottjwBZ/

https://www.reddit.com/r/Bitcoin/comments/2ieqn4/bear_whale_cashing_out/

Posted on October 6, 2014 at 8:38 AM
Last Edited: October 6, 2014 at 8:40 AM
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Cryptonaut

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Location: Canada

@visualc Now that bear whale is done with his sellings we should see the expected rise!

it's already up 20% in the past 24 hours lol

Posted on October 6, 2014 at 9:56 AM
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Alchemix

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Posts: 175
Location: Vegas

It must be nice to be able to liquidate 30k BTC. I havent been watching the live charts in awhile but that would have been interesting to see happen....

Posted on October 14, 2014 at 1:25 PM
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bitsol

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It bounced back up to $400

Posted on October 14, 2014 at 5:12 PM
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Tintin

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Location: Uranus

I bought some at the absolute low last week and sold for 300 euro, pretty nice profit. If price hadn't reached my goal I just would have hold it since I believe in the future of bitcoin. I also have more coins left, including bitcoin that I am holding long term.

Posted on October 19, 2014 at 2:41 AM
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