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Analysts were largely expecting bitcoin prices to be massive. The bearish bear triangle formation would inevitably burst downward and so it was not a surprise. The move however revealed huge price differences between various cryptographic exchanges.
Bitcoin premiums abound
The digital dust seems to have calmed down after the spill of $ 1,500 worth of bitcoin a few hours ago. A cascade of sell signals was triggered as soon as the asset dropped by support to $ 9,500. This created a huge red hour candle, which poured 900 dollars in just 60 minutes. The panic continued as the BTC fell to $ 8,000 before a wall of buy orders was executed, raising it back up to $ 500.
At the time of writing, purchasers were not able to overcome the newly created $ 8,500 resistance zone and analysts were predicting further losses. What emerged during these tumultuous two hours was extremely variable prices in different markets around the world.
Crypto trader 'hodlonaut' has noticed a lot of action on Coinbase;
"Someone accumulates like crazy on Coinbase. Huge purchase at huge bonus "
Someone accumulates like crazy on Coinbase. Huge purchase at huge bonus
– hodlonaut?⚡? (@hodlonaut) September 24, 2019
Analyst Josh Rager confirmed the Coinbase award.
$ BTC $ 400 to $ 500 bonus on Coinbase
– Josh Rager ? (@Josh_Rager) September 24, 2019
Alex Krüger, an expert in crypto-expertise, also observed the huge gap between exchanges.
"Wild $ 600 wide extends between Bitmex and Coinbase. $ 8150 vs $ 8750 "
Wild $ 600 wide stretches between Bitmex and Coinbase.
$ 8150 vs $ 8750
– Alex Krüger (@krugermacro) September 24, 2019
Coinbase seemed to be the worst offender, but his fees are among the highest in the industry and his profits are higher than those of other stock exchanges, which is hardly surprising.
The arbitrage between the exchanges would have reported net gains for those who were quick enough to react. It was also pointed out that such discrepancies are partly at the origin of the lack of adoption of bitcoin. However, Satoshi did not mind trading when he designed the motto that was supposed to be mainly exchanged between counterparts.
A few hours later trading with Tradingview.com seems to have resumed, indicating a price difference of only $ 25 between Bitstamp, Coinbase, Bitfinex, Bittrex and Gemini. On the Japanese BitFlyer, the price of BTC was slightly higher, at 926,799 JPY, which stood at 8,636 USD.
Speculation about why bitcoin was rejected so strong today is growing. Ran NeuNer of CNBC remained perplexed.
I am a member of several Crypto cats / WhatsApp groups (none paid) – Some of these cats have the biggest names of whales and crypto on the market … and no one has any idea of what's going on. has passed today!
Others have evoked the flooding of US spot markets by the FED, the collapse of bitcoins hash and the conclusion of other technical signals, but the end result is that it it's already produced and will happen again.
Have you benefited from bitcoin bonuses on exchanges? Add your comments below.
Images via Shutterstock, Twitter @hodlonaut @krugermacro @Josh_Rager
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