Today, the massive Bitcoin price drop was expected by analysts, to a large extent. The downward, descending triangle formation had to break down, so it was no real Surprise. What has been shown of the step, however, are the huge price differences between the various crypto-exchanges.
Bitcoin premium prices in Abundance
The digital Crash seems to calm down after a 1,500-Dollar-Dump of Bitcoin a few hours ago. A cascade of sell signals was triggered because the assets dropped in value by the Support at 9500$. This led to a massive red hourly candle, the distorted 900 $ in just 60 minutes. The panic continued when BTC fell further in the direction of long-term support at 8000 $, before huge purchase orders executed and the Bitcoin price back to 500 $, boosting.
At the time of publication, the buyers were not able to overcome the newly formed resistance area of 8500$, and analysts predict further losses. What during these turbulent hours came out, were wildly varying rates on different exchanges. The crypto-traders “hodlonaut” noticed a lot of actions on Coinbase*.
Someone is accumulating like crazy on Coinbase. Huge buying at huge premium
— hodlonaut?⚡? (@hodlonaut) 24. September 2019
The crypto-expert Alex Kruger also observed the large bandwidth between the exchanges.
Wild $600 wide spreads between Bitmex and Coinbase.
$8150 vs $8750
— Alex Krüger (@Krug macro) 24. September 2019
Arbitrage between the exchanges would have brought in some tidy profits for those who were able to react quickly enough. It was also pointed out that such a discrepancy is, in part, for the lack of acceptance of Bitcoin, responsible.
A few hours later, the Situation between the stock markets seems to have calmed down, because Tradingview.com reports only 25 $ price difference between Bitstamp, Coinbase, Bitfinex, Bittrex, and Gemini. The speculation about why Bitcoin is so strong today declined to take currently.
Text evidence: bitcoinis, Martin Young