Bitcoin Forum

I am not sure about the reasons why bitstamp prices are lagging with bitfinex and preev rates. But interestingly bitfinex prices are just breaking $1350 levels (I believe the previous recorded higher price of bitcoin is $1350 just on the day when winklevoless's etf application got rejected ).

Those wire transfer problems of bitfinex made them isolated from rest of exchanges ? What is actually happening ?

Everythings fine! finex trades at a $100 premium and you get 0.91 dollar for your 1 dollar through usdt. Nothing out of the ordinary here, just keep buying since we can only go up!

that $1350 back at the time of ETF doesn't count the same way this $1350 doesn't count.
the first one was a whale going crazy and messing with all the shorts of everyone when they bought all the way up and dumped all the way down in one minute!

and this new $1350 also doesn't count since bitfinex is getting empty of traders as they buy BTC and get out. you have to want to take high risks to sell BTC on finex and keep fiat there.

it doesn't matter the motivation was or what the conditions were, the first $1350 counts. real money was paid for it.

the current $1350 does not count.

The blocked off his bank account gives a lot of impact for the traders especially those who are deposits and withdrawing his money through the wire transaction.

Bitcoin as another method to cash out his money.
More people with fiat balance in his account will not be able to withdraw his money and try to buy more bitcoin.

This will make the volume on bitfinex decrease. Make the rate is differencing with another exchange site.

Exactly.

The ETF decision day peak was caused by real people (or their bots) spending real dollars in a FOMO rush because they thought the ETF had been approved and someone had inside information.

The current Finex price means nothing other than people are willing to pay a ridiculous premium just to get their money out.

People should do some effort to look beyond the current exchange rate. It doesn't take much time and knowledge to dig into the latest bit of news if you happen to invest into something.

If you don't know what's going on, it shows that you just don't know what you're doing, and thus expose yourself to great risks. I am not going to rephrase what others said, just read through the posts and you might get a clue.

They're pulling a Gox, that's the likely explanation.  And this isn't the first topic about this; in the other ones it was pointed out that Gox did this exact thing, which is inflate the price of bitcoin.  But they're still allowing withdrawals of crypto, right?  As long as that's the case, there's still a chance that the whole thing won't blow up.  Right?  Right???

Sorry for being maybe off topic but what does "Is trading with ATH" mean?

Edit: After understating All Time High acronym (ATH), I can say that not only bitfinex but also other exchanges are getting high volume bitcoins transactions and ath 24h volume of trading.
Let's see when the new chinese exchange will enable ETH deposit and withdrawal and we will see a high pump of ETH in May/June.

All Time High

I agree this is like force selling / buying since the exchange is quite isolated for now.  Since people are wanting to exit that exchange, and they are helpless withdrawing their fiat funds out of that exchange and are so willing to convert it to BTC in premium price.



Well i would rather have my BTC transferred to other exchange where I can sell it and freely move my fiat currency than selling my BTC on Bitfinex and have my money trapped in there.

I think what you said is correct the situation is same like some months back in India , the fiat currency demonetization was started so their are so many users who wanted to convert their fiat currency to bitcoin and in indian exchange the price of bitcoin went to $1100 price when in the preev and other international exchanges the price was only $750 to $800 nearby.

So here is also some short of problem going on like what you said and so everyone wants their fiat to be converted to btc and get transfered.

iam not understand why in bitfinex bitcoin price is different another exchanger
difference until 100 dollar, i think is continue big different can problem same with Mt.gox because withdraw use internastional curency
all bitcoin user in the word can trade and withdraw fiat money in there

Some traders might still be doing arbitrage by moving those premium BTC dollars into altcoins for moving them out into fresh BTC supply conversion.

These toppics are growing booring. Everybody knows what a Mt.Gox situation looks alike.

Goxxing, for the illiterate.

I am afraid you are right. Lack of information or firm timeline on Finex part is only confirming this.

The good part is, that after shock dumps, market perhaps clears itself enough for another run at ATH, but then we are talking about 12+ months outlook. Masterluc awhile back predicted that bitcoin will eventually reach about 9k. Around 2020 that is.

but it wasn't a FOMO rush buy, or am i missing something! the chart was crazy, it was up and down it didn't just go up merrily to $1350 and drop back to where it started. it was a short term (in matter of minutes) shoot up then dump to even lower prices than start and then back to kind of normal.

edit: i knew there was a picture somewhere. this speaks for itself:
https://i.imgur.com/GgTeB0E.jpg

You bought the dip?

But there's a psychological impact in the other markets that makes them bullish too I think. When people see "wow, bitfinex $1350? let's buy right now!" they buy on other exchanges with legit money and it ends up pumping the price in the rest of the market. Make no mistake, a lot of people act like this, they don't do any research.

I think LePen's win is also a way to make bitcoin more valuable since she will destroy the European currency if she gets elected in july.

Only fresh bitcoin newbies and totally discarded from reality traders would think that this is good situation.
A brief google search will tell them that this is another Goxxing rather that stable and organic price.
But there always be people who are baited by only one factor - big price, some of them might join the race.


Unfortunately LePen has no chance to win in May. Macron will be a definite winner, his advantage is too big to see it as statistical error.

it takes effort and commitment to get on an exchange. most people on there won't be stupid enough to fall for a price that has nothing to do with reality, especially those with enough to move the price anywhere.

and le pen won't win.

Even if she wins, its not important. Not btc related so idc.

Probably the result of transfer problems still? A fraction probably bought even at a higher price just to get their money out of there.

Also the old >1300 highs just before the ETF decision were also reached at other exchanges (according to Bitcoinity):

- Bitstamp: $1350
- Itbit: $1329
- GDAX: $1360
- Kraken: $1311

So I consider the $1350-60 range the "real" ATH at this moment.

It's interesting that Bitstamp is slowly nearing the $1252 30-day-high. If that one is broken, the ~$1300 levels could be reached soon, and if prices stabilizes there a new ATH is in sight.

That's definitely what happened with the MtGox highs. People were buying btc to get their money out of the exchange, but the wider world still thought MtGox was basically sound and just having a few solvable problems and pumped up to match the mtgox price.

I think it's different now. Bitcoiners have now been through so many shennanigans that they've seen it all and no longer act blindly. Everyone and their dog will know the true reason for the bitfinex highs and will be ignoring them.

Yep.  Buy on bitfinex for $1300 to get BTC out and sell on Chinese exchanges for $1000 to get fiat out.

Careful. Chinese exchanges like OKCOIN are not allowing USD withdrawals either.

I agree on this some people are sheep and when they see a high price they think it must happen everywhere too, even if there are very specific reasons for that to happen on Bitfinex, however we must be careful because when the price goes down these very same sheep's are the ones that bring the price down abruptly.