You are viewing a single comment's thread from:
RE: 300 BTC open market purchase of STEEM, spikes price to .00324
simply by clearing out all the available inventory 35% higher in price, it makes it that much easier for the price to get back there. It was definitely an usual event, usually coming before some big event that changes the market valuation of things. Cant say I know what that event is or if there is an event, and as you say, maybe it was just a whale trader counting on the market to fill in the blanks and push the price up.
Maybe it is one of the steem whales who was sad that their portfolio balance shrunk by so many millions.
Yes, that's possible too. Or that whale's motive could be simple bullishness.
but why the insane rush, we are talking an instant loss of $25,000 or so as he could have easily picked up the same amount for 50 btc less. maybe it was a fat finger on the volume, but that doesnt explain the price being so high. I think we need that whale to come here and explain himself!
Like that'll even happen ;)
It could be a hybrid of my first reason and plain old bullishness: buy with a fat finger, sell some after it shot up and hold onto the rest. If so, then that whale was either unusually shrewd or lucky. Manipulation is much harder than it looks.
Hey James:
Look at this post. I think it explains why the whale got bullish.
https://steemit.com/steem-power/@me-tarzan/steem-daily-data-8-16-2016
There's been some worry about more STEEM not being used to power up. @smooth explained why in a comment that @me-tarzan included in the above post:
That comment might have gotten the whale - and others - motivated to make the big buy(s).