With so many people remaining bullish on Bitcoin, one would almost tend to forget there is a huge spread between different platforms. A lot of people still use Bitfinex as the reference Bitcoin price, even though they are well ahead of all other trading platforms. A lot of people are swept up in the price inflation right now, yet caution still remains advised for the time being.
One thing has become quite apparent over the past few days: traders are chasing the Bitfinex price where bitcoin is concerned. As of right now, Bitfinex lists the value of 1 bitcoin at US$1,608, which is spectacularly high. In fact, it is a heavily inflated price, and anyone chasing it will potentially get burnt in the coming weeks. Then again, the bullish momentum continues unabated, regardless of this major problem presenting itself.
The Bitcoin Price Gap is Still There
Comparing the price to other exchanges, it is not hard to see where the problem lies exactly. Bitstamp is the exchange closest in price to Bitfinex, yet that still represents a US$90 gap. Although this spread has been bigger over the past few days, things have started to stabilize once again. Then again, such a wide gap should not be overlooked by any means, as it still points as a potential Bitcoin price bubble.
Other exchanges are nowhere near Bitstamp or Bitfinex in price right now. BTC-E, another exchange hit by the same banking issues as Bitfinex, currently lists the Bitcoin value at US$1,427. Although BTC-E has been somewhat less popular when it comes to buying Bitcoin, their price puts a different spin on how the weighted price per BTC should look right now. In fact, Bitstamp is almost perfectly in between BTC-E and Bitfinex. It is unclear whether or not the platform can maintain that price moving forward.
One thing conspicuously absent from nearly all Bitcoin trading platforms is how hardly anyone is selling. Some people may argue that is only normal, as the price keeps creeping up every hour. Then again, no one is interested in profit taking at this stage either, which is very unusual. Although there is some minor sell volume across the exchanges, it pales in comparison to what people would expect at this price level.
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