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Bitcoin is still struggling to break higher. Today we hit a new 15-day high at $237.68, slightly surpassing the previous high at $237.18. But the fresh highs were again sold aggressively and by late afternoon BTC/USD was trading down to the $234 figure. We are currently quoted at $235.71 on BTC-E.
On OKCoin prices are trading a bit higher, as usual, at $237.23. The other major USD exchanges are also clustered around $237 dollars per coin. Meanwhile the Chinese bitcoin exchanges are quoting prices at 1537 Yuan, or around $241 dollars for one bitcoin. The $4-$5 dollars difference we’ve been seeing during the past two sessions is high, considering historical standards. The usual gap between USD and CNY sites is $1-$2 dollars, with Chinese exchanges trading at a slight premium.
The higher prices on CNY exchanges are having an effect on bitcoin futures as well. For example OKCoin uses a equally weighed average comprised of 3 USD and 3 CNY exchanges to calculate the settlement price for the futures contracts. This has the indirect effect of futures usually trading right in the middle between the two camps. Currently the two closer to expiration contracts are quoted at $239 dollars per coin, right between the $237 USD and $241 CNY quotes.
The further out December 25th issue is trading at $241.17 right now. Why is this contract trading so high? Keep in mind that settlement prices only matter at the settlement time. Until that moment, every futures contract is freely traded on the market. The closer a futures contract is to expiration, the more it will tend to converge to the futures index settlement
Originally appeared at: http://www.forexnews.com/blog/2015/09/29/bitcoin-cny-exchanges-bidding-up-prices/