Dogecoin price is very low on HitBtc

[yhiaali3]

I was very surprised when I looked at the price of Dogecoin on HitBtc it was only 0.0869$ while on other platforms and in CoinMarketCap it is 0.246$!!!
Of course no one is trying to arbitrage because HitBtc closed the withdrawal from the platform but left the deposit only.

My question is why this huge price discrepancy between HitBtc and the market and what makes the price drop so much on the exchange and why is the exchange not trying to correct the price to match the market?
Is there a possibility for the price to catch up with the market price?

[hosseinimr93]

You answered yourself.
The reason is that you can't withdraw your dogecoin from HITBTC. This means that you aren't actually buy doge in HITBTC. Instead you are buying something that comes out of the thin air and has no value.
If they don't open the withdrawal, the price will drop to zero gradually.

Two groups of people are now buying the fake DOGE on ViaBTC.
The first group buy DOGE once they see the low price without thinking about the reason.
The second group are actually gambling. They buy DOGE and hope that hitBTC open the withdrawal one day.

It's not the first time I hear of shady activities from HITBTC and I would never put a penny on such a shady exchange.

By the way, I think "Service Discussion (Altcoins)" is more suitable for this topic.

[Tessnik]

The answer is simple: there is no liquidity on HitBTC no trading is going on there you can check to see the volume of the coin trading, then you will see the reason the price is low on that exchange. Technically, if withdrawal on HitBTC is disabled, there is no how any trader in his right senses deposits that exchange. The price of Dogecoin on the coin market cap represents the real value of Dogecoin and you can also find the trading volume there.

[Fivestar4everMVP]

This is nothing but a trap to lure impatient people into loosing their money, like the op already said, one can not withdraw dogecoin from Hitbtc, this is a trap because some people who lack the knowledge of research will definitely see this and want to take advantage of it, they login to Hitbtc, deposit usdt or btc and buy dogecoin hoping to withdraw and sell on other exchangers only to realize they can't withdraw it, now they have two options, either exchange it back to btc or usdt and swallow their loss or hold the dogecoin there on hitbtc hoping the price goes up/catches up with prices on other exchanges so they can sell in profit.

[Erdogan]

The answer is very simple. Whatever you keep on HITBTC has no value at the moment. Thats are not your money.
I like this exchange very much and I hope it's only a temporary problem. After reading your post, I even thought of taking a risk and depositing something there to buy a cheap DOGE.
However, I've seen too many exchanges collapsed and unfortunately I know that even a giant can fall, so I'll stay away.
However, I must admit that the situation is very interesting and I will definitely be watching what happens there. If HITBTC fixes the problems then it will be good to be there in the first minutes after announcing it, to buy cheap coins.

[eaLiTy]

I was very surprised when I looked at the price of Dogecoin on HitBtc it was only 0.0869$ while on other platforms and in CoinMarketCap it is 0.246$!!!
Of course no one is trying to arbitrage because HitBtc closed the withdrawal from the platform but left the deposit only.

Normally there is no point in using them if you are not able to withdraw the coins, there were several exchanges in the past that had huge price disparity but they never allowed to withdraw the coins and mostly those were scam exchanges and it is better to stay away from exchanges like that but i think the exchange has acknowledged the issues.

Hello! Thanks for reaching out to us. DOGE withdrawals are temporarily offline for maintenance. We’re doing our best to resolve this issue as soon as possible. Please excuse any inconvenience this might have caused.

This is the official statement by the HitBtc team

[senyorito123]

I was very surprised when I looked at the price of Dogecoin on HitBtc it was only 0.0869$ while on other platforms and in CoinMarketCap it is 0.246$!!!
Of course no one is trying to arbitrage because HitBtc closed the withdrawal from the platform but left the deposit only.

My question is why this huge price discrepancy between HitBtc and the market and what makes the price drop so much on the exchange and why is the exchange not trying to correct the price to match the market?
Is there a possibility for the price to catch up with the market price?

Most probably it would happen when a low volume coming from traders who previous took an activity, that's why we have no choice but to experience cheaper price compared from other biggest exchange. Unfortunately, while there's an ongoing bearish resistance we tend to see small valued coins to suffer and the only thing that dogecoin will survive at hitbtc exchange they must bid for much lower price in order for trading activities to remain active.

[yhiaali3]

Hitbtc had gone very bad over the years and had seen a great decline traded volume, users and new coin listing. It also has fake volume and low trade order, I wonder if the exchange will survive another cycle. I closed my account on hitbtc last year and will not consider trading any coin on it. Not only doge coin has low price, u can check other prices.

Yes unfortunately it is true Hitbtc "has fake volume and low trade order", actually I have checked some other coins and found for example:
ETC = $41.2 while the market price = $53.85
There must be more too, it's very unfortunate they are ruining their reputation how to trust such exchanges with such huge differences from the market price.
This may also be a trap as pointed out by one of the members to lure traders to buy these coins at a low price but they are not able to withdraw and then they get stuck in the exchange.

[bhadz]

If they've closed already their withdrawal, the only way to sell it out is to manipulate the price through their own hands. Since it's an exchange that's known to be shady.
They can change the price at any time that they want so that they can get more deposits if it's still allowed but will eventually had to exchange it into another asset but that's going to be a pain for those who will take the bait.

[Beparanf]

My question is why this huge price discrepancy between HitBtc and the market and what makes the price drop so much on the exchange and why is the exchange not trying to correct the price to match the market?
Is there a possibility for the price to catch up with the market price?

Its the effect of Withdrawal suspension, people afraid they cant do arbitrage before the Doge price come back down. But if you want to take a risk of it, its possible the price to catch up with the market price after the suspension ends. Also keep in mind that usually HitBtc have a huge withdrawal fee.

Probably the price will not gonna catch up to the real value of DOGE. It's either they will delist or they will continue just like that. By the way, I saw a useful discussion related on this issue. Check out https://www.reddit.com/r/hitbtc/comments/mrxaxx/doge_withdrawal_issue_in_hitbtc/

[peter0425]

You answered yourself.
The reason is that you can't withdraw your dogecoin from HITBTC. This means that you aren't actually buy doge in HITBTC. Instead you are buying something that comes out of the thin air and has no value.
If they don't open the withdrawal, the price will drop to zero gradually.

Two groups of people are now buying the fake DOGE on ViaBTC.
The first group buy DOGE once they see the low price without thinking about the reason.
The second group are actually gambling. They buy DOGE and hope that hitBTC open the withdrawal one day.

It's not the first time I hear of shady activities from HITBTC and I would never put a penny on such a shady exchange.

By the way, I think "Service Discussion (Altcoins)" is more suitable for this topic.

Damn meaning this is only a trap?this can lure Greed people that only looks for huge profit but never invest time to study why is there something huge offered.

HITBTC is one of the Shadiest exchange now in past this is one of the best but nowadays? it seems like following the footstep of Yobit.

[Ararbermas]

HITBTC has low fees maybe that's the reason why OP take the opportunity to trade within without knowing most of the volume in it were fake..  

Actually there are some feedbacks around the internet that "HitBTC has often been accused of faking its trading volume.". And until now the team behind refused to answer despite of the accusations.

So for that reason it not trustworthy anymore, but I don't know why there are some lazy traders that doesn't make research first just to assure their money is in a safe place.

[slaman29]

People always wonder why price goes up and down and the market at any exchange, including at liquidity pools in DEXs are so very simple.

If more people buy than sell >>> price goes up.
If more people sell than buy >>> price goes down.

So you just explained that HitBTC froze withdrawals. If people cannot withdraw the only way they can liquidate is to sell DOGE for other alts.

Hence, more people selling than buying and price goes down:)

[KryptoKings]

I was very surprised when I looked at the price of Dogecoin on HitBtc it was only 0.0869$ while on other platforms and in CoinMarketCap it is 0.246$!!!
Of course no one is trying to arbitrage because HitBtc closed the withdrawal from the platform but left the deposit only.

My question is why this huge price discrepancy between HitBtc and the market and what makes the price drop so much on the exchange and why is the exchange not trying to correct the price to match the market?
Is there a possibility for the price to catch up with the market price?

This exchange is found of doing such activities, there are some other coin that was also manipulated this way which i tried to place an order but it wasn't triggered while i saw buy and sell recent histories mine couldn't make any moves. This is to show that there are sets of people who is under this control, after which i have to forget about the silly exchange.

[yhiaali3]

Probably the price will not gonna catch up to the real value of DOGE. It's either they will delist or they will continue just like that. By the way, I saw a useful discussion related on this issue. Check out https://www.reddit.com/r/hitbtc/comments/mrxaxx/doge_withdrawal_issue_in_hitbtc/

I checked the discussion on the link you provided:
https://www.reddit.com/r/hitbtc/comments/mrxaxx/doge_withdrawal_issue_in_hitbtc/
This is unfortunate it seems that they are deceiving users by opening a fake withdrawal so that arbitrage traders buy those chitcoin on the platform and then get stuck on the exchange, this is really unfortunate I was thinking hitbtc respect their users but I changed my mind after reading the article it is necessary to alert the traders Especially arbitrage traders on this manipulation in order not to fall into the trap.

[hugeblack]

This topic proved to me that everyone is looking for easy and quick profit without even the slightest effort in searching, meaning if a platform offers bitcoin at a price of 20 thousand, you will find many people registering with it and even verifying identity in order to buy bitcoin at a cheaper price and make a quick profit despite That the whole process is a scam and that's exactly what happened now.

This platform has been scamming for a long time yet many people trust it and want to try it out.

[$crypto$]

I'm not sure it will be real and if they try to arbitrate they will surely get into withdrawal problems and also can't sell it, I think this is a trap that Hitbtc is doing and I will never try once this exchange still has bad reputation and fake volume in the one on that exchange.

Could it be that there will be a lot of people arbitrating doge to hitbtc? I think someday there will be a problem about it and it's unbelievable if someone does it without doing research first.

Please note that the HITBTC exchange is a cold exchange.

[yhiaali3]

This topic proved to me that everyone is looking for easy and quick profit without even the slightest effort in searching, meaning if a platform offers bitcoin at a price of 20 thousand, you will find many people registering with it and even verifying identity in order to buy bitcoin at a cheaper price and make a quick profit despite That the whole process is a scam and that's exactly what happened now.

This platform has been scamming for a long time yet many people trust it and want to try it out.

Yes it is true hugeblack brother, despite the warning posted here, you will find many people go to the exchange now and buy Dogecoin at a cheap price and may get stuck in the exchange there, but we put the warning and in the end everyone is responsible for their decision, HITBTC exchange proves that it deserves the bad reputation because it does not correct mistakes Rather, they are trying to cover it up, and as one of the members mentioned, they are setting a trap to catch people who dream of easy profit.

[Maxine4466]

This topic proved to me that everyone is looking for easy and quick profit without even the slightest effort in searching, meaning if a platform offers bitcoin at a price of 20 thousand, you will find many people registering with it and even verifying identity in order to buy bitcoin at a cheaper price and make a quick profit despite That the whole process is a scam and that's exactly what happened now.

This platform has been scamming for a long time yet many people trust it and want to try it out.

There're always some people doing interest arbitrage with the unrealistic idea of getting some money from that but as far as I know, people around me all turned out to be fooled by this kind of platform(one of my friends fell for shitcoin once). These platforms are no fools, instead, they are sparing no effort to fool those who attempt to play tricks on the platforms, maybe as a punishment. How could someone go and tell you that: hey, come to my exchange and buy some cheap Bitcoin...business are for earning money after all!
Clearly someone has been trapped in HitBTC:
https://twitter.com/TraderMdd/status/1410649510657802246 hopefully this person didn't lose too much money.
Those platforms may run away with all the money raised at any moment, why trust it?
Another possibility is that their price seems lower than the market, luring users to sign up, but actually when you really log in, you will find the price is just the same as other exchanges. They doesn't mean to steal your money, just to persuade people into using this platform in a dishonest way.
HitBTC has gained many followers:
https://twitter.com/hitbtc
but my advice is that, do not trust these fresh platforms too early, putting a small proportion of money is fine if you want to trade there.

[fara_buduk]

This topic proved to me that everyone is looking for easy and quick profit without even the slightest effort in searching, meaning if a platform offers bitcoin at a price of 20 thousand, you will find many people registering with it and even verifying identity in order to buy bitcoin at a cheaper price and make a quick profit despite That the whole process is a scam and that's exactly what happened now.

This platform has been scamming for a long time yet many people trust it and want to try it out.

There're always some people doing interest arbitrage with the unrealistic idea of getting some money from that but as far as I know, people around me all turned out to be fooled by this kind of platform(one of my friends fell for shitcoin once). These platforms are no fools, instead, they are sparing no effort to fool those who attempt to play tricks on the platforms, maybe as a punishment. How could someone go and tell you that: hey, come to my exchange and buy some cheap Bitcoin...business are for earning money after all!
Clearly someone has been trapped in HitBTC:
https://twitter.com/TraderMdd/status/1410649510657802246 hopefully this person didn't lose too much money.
Those platforms may run away with all the money raised at any moment, why trust it?
Another possibility is that their price seems lower than the market, luring users to sign up, but actually when you really log in, you will find the price is just the same as other exchanges. They doesn't mean to steal your money, just to persuade people into using this platform in a dishonest way.
HitBTC has gained many followers:
https://twitter.com/hitbtc
but my advice is that, do not trust these fresh platforms too early, putting a small proportion of money is fine if you want to trade there.

most of the members in it are confused and wondering about the fate of their funds when they see prices that are very far away and we can't fully trust the price list that is displayed because the difference is too far from other exchange prices are some of the old tricks they apply so that the sheep can be caught in the trap