Two analysts at the New York Federal Reserve Bank today published the results of analysis on how friction between bitcoin transactions could lead to price differences.
If true, their conclusion that fees charged by exchanges discourage arbitrage could help explain why many still don’t view bitcoin as a safe or stable store of value.
"There are significant frictions when bitcoins trade in exchange markets, resulting in meaningful and persistent price differences across bitcoin exchanges," wrote Asani Sarkar, assistant vice president of the Federal Reserve Bank of New York, adding:
http://www.coindesk.com/new-york-fed-bitcoin-market-discrepancies/
