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Bitcoin

Bitcoin Hits $10,000 Because Ceilings Are Just a Construct, Man (gizmodo.com) 348

An anonymous reader shares a report: On Tuesday, the trading price of the most prominent cryptocurrency hit $10,000 for the first time. And that nice round number will almost certainly have the kind of psychological effect that brings in new traders. Based on analysts' recent predictions, the $10,000 milestone could be the beginning of the end or just the beginning. Some thought that $2,000 would be the point at which we'd see a reversal of Bitcoin's ascent. Others predicted it would top out at $4,000. Then, $4,000 became the floor. These days, analysts with decent reputations have predicted the cryptocurrency's trading price could go as high as $50,000, $100,000, and even $1 million.

Comment Auction mode (Score 1) 129

Many exchanges use an auction mechanism to prevent this from happening. When a trade is made that is more than x% different from the previous trade, the security goes into "auction mode" for a period of time. During this period all the bids and offers are taken, but only at the end of the auction, using an "uncrossing" algorithm, is a fair price determined for the security. The auction can of course also be manipulated, but you'll need a lot more money to influence the price.

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