Bitcoin Marketdepth

Hypnotic view of market depth ebbing and flowing over time.

Credit to Coinsheep for this excellent video

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10 thoughts on “Bitcoin Marketdepth

  1. That’s really hopnotic.

    There is no relation with your video but I want to talk about mtgox’s behaviour.
    Yesterday I read mtgox FB page and I saw many people who got the same problem that I experimented.
    MTgox seems to block all USD withdrawals. I have been waiting for 1 month before cancelled it. It took 3 weeks to withdraw EUR by SEPA method.

    That’s why I think bitcoin price is always more expensive there than in other market place. People don’t care about price. All they want is sell off and go.

    For exemple : right now btce : USD 121, Mtgox : USD133. More than 10% gap. Huge opportunity!

    I’m begining to think if Mtgox might be the bigger cryptocurrency ripe off.

    1. Its a very important topic you’ve mentioned. I havent blogged about it yet, but its in my mind. How long can i use MtGox as an approximation of bitcoin prices under these circumstances ? Arguably MtGox is no longer valid, as you mention getting funds out is a big problem. I’ll try and make a post about this in near future.

    1. I used to look at snapshots of the market depth to try and capture the bullish or bearish mood just by judging how big the bid and ask walls looked to my eye. As the video shows, those walls can change very quickly though which is one of the reasons I stopped doing it. Although maybe I should be paying more attention to it.

      Looking at the video I’m wondering if steepness of the slope might indicate areas of strong support and resistance when it is steeper. .

      Interesting how towards the end, the bids seems to be shrinking. Maybe this bull run has a way to go yet?

      1. …could be any number of reasons I guess.

        I am wondering whether the steepness of the slope has anything to do with trader moods or not. What’s for sure is that you see if there are barriers (large orders), I always place my bids in front of those.

        Somewhere I read that some traders even manipulate market depth with fake orders (which they pull later again) to influence prices…

    2. I believe the action on June 1 is evidence of manipulation. They stacked bids at specific intervals down the ladder to visually steepen the slope, trapping impatient buyers trying to front-run the shadow bids. Then they snapped it down to shake loose some noobs and trigger larger sells down the ladder, stirring sentiment of a possible trend change. They were obviously eager to scoop up. Look how fast she’s typing in the 100s after that little spell. Especially now that we know where price ultimately went after that obvious episode you can deduce it was deliberate.

  2. Hey CB just been looking at it again, you might be on to something! It definately looks very unusual on that day. On plus side I still think the tools for manipulating bitcoins are pretty feeble when compared to other markets though.

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