Why the exchange rate of bitcoin on Bitfinex is higher relative to other exchanges?


Why the exchange rate of bitcoin on Bitfinex is higher relative to other exchanges?

Many members of the crypto community have noticed that lately the price of the first cryptocurrency trading platform Bitfinex is somewhat higher than many other bitcoin exchanges.

So, at the time of writing is trading BTC on Bitfinex at $6363:

Two days later, on 11 October, the exchange rate USDT traded for bitcoin on Bitfinex, Poloniex Binance and became significantly different from values at Coinbase, Bitstamp, Bittrex, where the first cryptocurrency was trading in tandem with Vietnam dollar. Note that Bittrex has started to support Fiat currency relatively recently.

Why cheaper USDT?

Journalist Joseph young notes that the depreciation of the Tether is due to three causes:

investors began to sell USDT to get new and the “best” (controllable and adjustable) stablename such as Gemini and PAX USD;
capturadora sell USDT to buy bitcoin and Ethereum;
the problem with banks serving Tether Ltd.

The head of the largest trading volumes of crypto currency exchange Binance Chanpen Zhao posted a screenshot of the chart where you can see that they are linked to USD stablon PAX is quoted higher than its largest competitor USDT.

Regulated stable coin lol pic.twitter.com/5SRMhhh32Y

— CZ Binance (@cz_binance) October 13, 2018

As for the problems with Bitfinex, yesterday, 13 October, the representative of the exchange of Kasper Rasmussen confirmed the information about suspension of accepting Fiat currencies. He also expressed confidence that the problem will be resolved within a week.

Meanwhile, the Twitter account Auditcarlo whose profile stated that he is a former Finance Director Bitfinex, has published a screenshot where you can see that in dollar terms the balance of the bitcoin wallet exchanges for the first time since 2017 was less than $1 billion:

Bitfinex Bitcoin wallet is currently valued at under a billion dollars for the first time since 2017. pic.twitter.com/YkbiU9schg

— ?Auditcarlo? (@CasPiancey) October 13, 2018

Recall unconfirmed information that Bitfinex has stopped accepting deposits in US dollar, Euro, Japanese yen and British pound appeared in the Thursday, October 11. Then bitcoin and the entire cryptocurrency market has experienced a rather sharp decline.

Shortly before this the occasion for a new wave of rumors about the possible insolvency Bitfinex was the news about the problems in Noble Bank, presumably the service account exchanges and Tether Ltd.

Leave A Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.