There are several major downsides to the ongoing issues affecting so many bitcoin exchanges. Perhaps the biggest problem comes in the form of how the spread between different exchanges continues to widen. That is not a positive development by any means, as it is pushing the bitcoin price upwards to an unsustainable level. This is not the same as the Mt. Gox debacle, although the fallout may be equally severe.
Bitfinex Woes Shake Up Global Bitcoin Prices
Everyone who has looked at bitcoin price charts over the past 48 hours will have noticed something strange is going on. A lot of exchanges are trying to play catch-up with the Bitfinex price, which seemingly inches higher every single minute. That is not entirely surprising since the company is still suffering from blocked USD withdrawals.Moreover, various other exchanges are having USD issues as well, which means users will need to rebuy bitcoin if they want to move funds off these exchanges.
As of right now, the bitcoin price on Bitfinex hovers around US$1316.3, whereas other exchanges list it as US$1,237 and US$1,233 respectively. That means there is a US$80
Read more ... source: LiveBitcoinNews
Advertise on the Bitcoin News
Do you like The Bitcoin News ? Thank you for Support us !