[2017-04-18] Bitcoin Price Keeps Above $1200 as Traders Start Fleeing Bitfininex

[alani123]

Bitcoin Price Keeps Above $1200 as Traders Start Fleeing Bitfinex

Digital currency exchange Kraken is adding support for wire transfers denominated in US dollars and other government-issued currencies.
The company disclosed the update in an email to customers this morning. In addition to USD support, Kraken is supporting wire transfer deposits and withdrawals in euros and British pounds. The San Francisco-based startup, founded in 2011, is launching the updated deposit feature effectively immediately, though the withdrawal upgrade won't go live until 24th April, the exchange said.

https://www.crypto-news.net/bitcoin-price-keeps-above-1200-as-traders-start-moving-away-from-bitfinex/

[1Referee]

This is the time for major exchanges to do their best to attract large players that were operating on Bitfinex and are now looking for another exchange to settle in. Bitstamp, Kraken, GDAX (Coinbase), BTC-E, are all very decent alternatives. I personally use Bitstamp as my main exchange, and in a lower frequency BTC-E. Sure, Bitfinex has the best level of liquidity from all exchanges, but that's not worth anything when the exchange in question can't be trusted.

[bbc.reporter]

Maybe the reason why there is such a high premium for bitcoin in Bitfinex is because the traders there are all buying to withdraw them in BTC since fiat withdrawals are locked. I speculate that it will not take long before we see a bitcoin run on the exchange.

[Kemarit]

This is the time for major exchanges to do their best to attract large players that were operating on Bitfinex and are now looking for another exchange to settle in. Bitstamp, Kraken, GDAX (Coinbase), BTC-E, are all very decent alternatives. I personally use Bitstamp as my main exchange, and in a lower frequency BTC-E. Sure, Bitfinex has the best level of liquidity from all exchanges, but that's not worth anything when the exchange in question can't be trusted.

I totally agree with you. I never used bitfinex except for tracking the market price of bitcoin and other alt-coins. I'm sure that a lot of traders are on a exodus right now. Looking for better alternatives. I guess it all depends on if you want leverage. If you want to then stay with them but if not then look for other trusted sites. Another option I think is spreading your investment around different exchanges so that you can mitigate risk if something happen (like bitfinex hacked).

[theochino]

Anyone know how to get hold of Bitfinex CEO on this Forum ?
Tried Linked and the like.

Once they believe they are rich, they don't want to talk anymore.

Theo Chino
www.article78againstNYDFS.com

[TraderTimm]

"Start fleeing"?

Hell no, they've been fleeing for a while, which is why we have a premium between BFX and other exchanges in price. Their open interest is plunging as well, with only 91,270 BTC in one of their wallets, down quite a bit over the past few days.

Price premium over Bitstamp is 4.7% as of this posting.

Get the 'eff out, or you are going to end up holding a rather large bag.

[bbc.reporter]

@TraderTimm. Can you post the wallets of Bitfinex so that we can monitor all their outgoing transactions? Everyone in the community should start to know what is going on and withdraw their coins now if they still have some at Bitfinex.

[pixie85]

Still it doesn't look like they're unloading their coins elsewhere. They are just buying more coins, moving them out of Bitfinex and holding, because otherwise the difference between the exchanges would be even bigger. Bad for Finex, but not much has changed in people's attitudes to Bitcoin.

[Satlite]

Maybe the reason why there is such a high premium for bitcoin in Bitfinex is because the traders there are all buying to withdraw them in BTC since fiat withdrawals are locked. I speculate that it will not take long before we see a bitcoin run on the exchange.

That happened in 2013 when the MT Gox price was much higher than other exchanges.

[richardsNY]

Still it doesn't look like they're unloading their coins elsewhere. They are just buying more coins, moving them out of Bitfinex and holding, because otherwise the difference between the exchanges would be even bigger. Bad for Finex, but not much has changed in people's attitudes to Bitcoin.

Of course they are not going to unload coins at a fairly lower price elsewhere. I strongly believe that if this continues, the premium will likely be $100-$200 within this month. Only negative point to this is that when Bitfinex considers itself to be loosing too many coins (in the way that people keep cashing out), they might even put a withdrawal stop to Bitcoin as well. I just hope people can get their coins out of there before that.

[alani123]

Still it doesn't look like they're unloading their coins elsewhere. They are just buying more coins, moving them out of Bitfinex and holding, because otherwise the difference between the exchanges would be even bigger. Bad for Finex, but not much has changed in people's attitudes to Bitcoin.

Of course they are not going to unload coins at a fairly lower price elsewhere. I strongly believe that if this continues, the premium will likely be $100-$200 within this month. Only negative point to this is that when Bitfinex considers itself to be loosing too many coins (in the way that people keep cashing out), they might even put a withdrawal stop to Bitcoin as well. I just hope people can get their coins out of there before that.

What's funny is that the news comes just shortly after Bitfinex supposedly proved to be solvent again after the hack. I wonder why traders stick with exchanges proven to be unreliable.

[bbc.reporter]

@alani123. Yes now some people in the forum are questioning if their BFX tokens really helped them recover all the hacked funds in a short amount of time. Where did all that money come from? Can anyone explain completely how the tokens raise the amount of the hacked funds?

[veleten]

@alani123. Yes now some people in the forum are questioning if their BFX tokens really helped them recover all the hacked funds in a short amount of time. Where did all that money come from? Can anyone explain completely how the tokens raise the amount of the hacked funds?

easy:
A:"Where is the money coming from?"
B:"From my stash"
A:"And who put it there?"
B:"Me,of course"
A:"Well where did you get the money?"
B:"Told you,already,from my stash"  |

Bitfinex magic