Gains were few and far between in the crypto market over the 24-hour period, with Augur presenting a notable exception while gaining less than 2%. The Bitcoin price remains in disunity across several markets. Bitfinex has it for $3,511, but Coinbase users can buy it for $3,421.
Such huge spreads are interesting in that the arbitrage opportunities are so glaring. How long they will persist is more up to the market participants than it is the exchanges. Coinbase Pro had a daily volume of $55 million versus Bitfinex’s $102 million. BitMEX, however, which did three-quarters of a billion dollars in the same period, has it even lower than Coinbase: $3,418.
Bitcoin badly wants to return to the $3,500 range. However, volume is the best indicator of sentiment, and with the exception of Bitfinex, most market players aren’t valuing it that high here at press time.
BitMEX, where the majority of the day’s volume often takes place, is trending even cheaper than Coinbase, which has lately had the lowest prices in these discount days. Many believe that the $3,000 mark is a crucial psychological and technical indicator, and that a dip to that could mean a loss of support far lower. Cascading losses could lead to a new reality for crypto: a long-term price depression until such a time that interest from the wider mainstream picks up again.
On the same note, however, some on Wall Street have indicated that clients are more interested in Bitcoin at lower prices. Lower risk, potentially higher upside.
For a brief period today, Ethereum climbed back to $110 on Coinbase.
Sellers couldn’t stand it, though. Short-term trading probably has a lot to do with activity like this. People who bought in recent times in the $90s or low $100s likely took profit. Where that profit is going is unclear, as very few crypto markets actually saw a boost today. A total volume of $2.6 billion today pushed Ethereum back down to the $106-108 range (depending where you looked). One exchange, Bittrex, even had less than $106.
CMC doesn’t include Bitfinex on its REP markets. Bitfinex, however, saw the most significant boost to Augur price over the 24-hour period, particularly in mid-day trading.
Much of the rest of the market remained in a holding pattern as hard as the day is long. The day’s biggest loser was New Economy Movement (XEM), the subject of at least one major hack last year, which lost over 13% by press time.
Featured Image from Shutterstock. Price Charts from TradingView.
Last modified: January 31, 2019 16:45 UTC