Bitcoin Thread

[SaiyanZ]

This seems like September/October 2018 all over again. Tether lost value very quickly, opening up a gap in the BTC price between Bitfinex and USD based exchanges.

Only thing, back then there was a massive spike upwards in the BTC price instead of a dump as people dumped Tether for BTC.

 

[John Tempus]

This seems like September/October 2018 all over again. Tether lost value very quickly, opening up a gap in the BTC price between Bitfinex and USD based exchanges.

Only thing, back then there was a massive spike upwards in the BTC price instead of a dump as people dumped Tether for BTC.

Well there is something odd going on right now.

Tether based exchanges price is suddenly much higher than on USD denominated exchanges , a complete flippening since yesterday. Binance $5300 while Bitmex/Bitstamp sit at $5160 , so I think thats evidence in pricing of tether losing value thus BTC cost on tether exchanges being much higher also there was a sudden pump on bitfinex few hours ago from $5000 to $5500 out of nowhere. Something dodgy is going on looking at this trading.

 

[SaiyanZ]

Well there is something odd going on right now.

Tether based exchanges price is suddenly much higher than on USD denominated exchanges , a complete flippening since yesterday. Binance $5300 while Bitmex/Bitstamp sit at $5160 , so I think thats evidence in pricing of tether losing value thus BTC cost on tether exchanges being much higher also there was a sudden pump on bitfinex few hours ago from $5000 to $5500 out of nowhere. Something dodgy is going on looking at this trading.

The rise in the Bitfinex BTC price shortly after the dump was mainly due to shorts being closed and late entries being squeezed I think. Bitfinex shorts had increased fairly quickly in the previous few days so a short squeeze was due.

Tether lost 3% of its value yesterday so Tether based exchanged like Bitfinex will trade BTC 3% higher now until it normalizes again.

Seems like the dump last night was also triggered by a flash crash on Kraken. Someone sold and the price dropped over $1000 for a little while. From $5400 to $4300 and then back up instantly.

https://cryptopotato.com/cheap-btc-...raken-exchange-in-a-flash-crash/#&gid=1&pid=1

 

[John Tempus]

The pump on Bitfinex coincided with a new $150-250million in tether printing.

This all happened 5hrs after the initial dump so I don't see how it had anything to do with shorts liquidated and it only showed up on Bitfinex this pump.

Take a look at the pump on Bitfinex and the issuing of $400million new Tether, either someone just suddenly had a lot of real money to dump into tether printing to buy and then dump again or Bitfinex is actually completely fking with the market. I never really bought into the Tether/Bitfinex manipulation hype but this one situation makes me actually concerned that bitfinex themself might after the dump print tether for themself to buy up BTC that they move to other exchanges to cash out actual USD. Just too fking fishy for my liking.

Kraken is just not liquid enough and due to them also having margin trading these crashes will reflect way worse on their low liquidity market ie. Any big movements you do not want to be on the wrong side on Kraken or any other margin trading platforms with tiny orderbooks.

 

[SaiyanZ]

Feels like too much sideways in the last 3 days. Was expecting a bigger $200+ move but it's taking its time. Maybe I've been too greedy and should have just scalped $50 moves. Got a long from $5150 and a short from $5150 which could have been closed and opened again a few times at $5200 and $5100. Will just wait for something big to happen now.

 

[phly]

Feels like too much sideways in the last 3 days. Was expecting a bigger $200+ move but it's taking its time. Maybe I've been too greedy and should have just scalped $50 moves. Got a long from $5150 and a short from $5150 which could have been closed and opened again a few times at $5200 and $5100. Will just wait for something big to happen now.

Lol I realized this today. waited all weekend for 5270 but no luck. Ended up closing my long with about 50 bucks in profit when my 200x did not materialize. It dawned on me today I could have just played the swings which were about 100x up and down several times. There should be a big move happening soon after this consolidation but but for now I will just wait it out unless i see something that compels me to jump in.

 

[SaiyanZ]

My bet is on a liquidation wick both ways before more up. If the downtrend was starting we should have dumped this weekend already and not had 3 days of sideways.

There is also a convergence of a few moving averages just above $5200 now. So that's what has been holding the market down I think as many bots trade based on moving averages.

 

[John Tempus]

My bet is on a liquidation wick both ways before more up. If the downtrend was starting we should have dumped this weekend already and not had 3 days of sideways.

There is also a convergence of a few moving averages just above $5200 now. So that's what has been holding the market down I think as many bots trade based on moving averages.

We have too big of decoupling between different big exchanges in this case Bitfinex,Binance,Bitmex. Right now I think there is a concerted attempt at scalping between the different exchanges specially if you are liquid on all of them its free money until the market converge again.

Example: Any opened winning trades scalped on Bitmex, withdraw the profit and sell on Bitfinex for instant 3-5% profit in USDT , transfer the USDT over to Binance and buy the same amount of BTC you sold at Bitfinex however for $200 cheaper and keep the difference(the profit). Move that BTC over to Bitmex and rinse repeat the process.

Every bit of profit you make on Bitmex you can swing this way for guaranteed profit boost right now during the massive price difference. I think this partially explains why Bitmex have such a narrow price band right now since the USDT paranoid session.

 

[SaiyanZ]

Damn, another spike down to $5060 and I didn't take profit. Bounced quickly again back to $5150 region. Testing my patience now. It will probably move $200 that one time when I take profit on a $50 move.

 

[Azg]

We have too big of decoupling between different big exchanges in this case Bitfinex,Binance,Bitmex. Right now I think there is a concerted attempt at scalping between the different exchanges specially if you are liquid on all of them its free money until the market converge again.

Example: Any opened winning trades scalped on Bitmex, withdraw the profit and sell on Bitfinex for instant 3-5% profit in USDT , transfer the USDT over to Binance and buy the same amount of BTC you sold at Bitfinex however for $200 cheaper and keep the difference(the profit). Move that BTC over to Bitmex and rinse repeat the process.

Every bit of profit you make on Bitmex you can swing this way for guaranteed profit boost right now during the massive price difference. I think this partially explains why Bitmex have such a narrow price band right now since the USDT paranoid session.

I think Bitmex only do one batch of transfers per day at 14:00 SA time so taking advantage of any price differences involving Bitmex would be difficult?

 

[SaiyanZ]

Those liquidations wicks happened and it's back to $5150 again. Should have just scalped. Ah well just have to wait it out now for next move.

 

[John Tempus]

I think Bitmex only do one batch of transfers per day at 14:00 SA time so taking advantage of any price differences involving Bitmex would be difficult?

Could use bitstamp or Kraken have same price as Bitmex. Even with Bitmex scalping multiple profitable trades on bitmex and doing the single withdrawal each day would still yield bonus profit for very little effort if you are verified at bitfinex its a no brainer. Just takes lots of patience so its not worth doing this with small amounts however if you are in a position of doing 20-100BTC batches each day that is massively free profit.

 

[SaiyanZ]

My bet is on something like this happening. Move down, accumulation, and then pump through the resistance to get the liquidity.

Could dump lower but when it pumps, $5220 becomes the support.

 

[Tjoker]

why is there such a US dollar price difference between Bitfinex($5500) and the rest ($5267)?

 

[SaiyanZ]

why is there such a US dollar price difference between Bitfinex($5500) and the rest ($5267)?

Bitfinex does trade BTC vs USD. It's BTC vs Tether (USDT) and Tether sometimes loses a bit of value instead of being 1:1 vs USD.

Bitfinex using the $ symbol has always been a pet peeve of mine. It's misrepresentation of the facts. If you want to know the real USD value of BTC look at Bitstamp price (currently $5180).

 

[John Tempus]

I have not tested yet and dont plan to but whenever there is such big price differences it goes along with having issues withdrawing fiat or in this case tether from an exchange.

If anyone here is trading on bitfinex, can you verify if USDT withdrawals are processed fast still or is there massive delays ?

Big exchange price difference on BTC reflects in the past people trying to liquidate their USD/USDT balance to move their BTC out since its the only fast reliable way to get out of an exchange.

 

[SaiyanZ]

Bitfinex has had issues/delays on USD withdrawals in the past. Probably the case again.

Price did opposite of what I thought but finally could take some profit. Have seen this pattern a few times before. There is high liquidity area 8 hours from now (2am our time). Also coincides with UTC daily start. Now that it has gone up, there's a good chance big players will dump it if they want to sell/short whilst there is the extra liquidity.

 

[phly]

Still waiting... bitcoin holding on so tightly.

*BTC decided to spike up so removed chart. Anxiously waiting for a drop which does not seem to be coming.

 

[SaiyanZ]

Yeah, whenever it moves it is being bought up and sold off very quickly. So have to be patient for profits or place orders and hope to catch the wicks. If it drops now, $5230/$5240 is probably going to be where it bounces before more up/down. So will take profit from my current short just above $5250 to make sure I can close.

 

[phly]

Yeah, whenever it moves it is being bought up and sold off very quickly. So have to be patient for profits or place orders and hope to catch the wicks. If it drops now, $5230/$5240 is probably going to be where it bounces before more up/down. So will take profit from my current short just above $5250 to make sure I can close.

Do you see 6k first then a drop or drop first then try and attempt for 6k? I am still bearish and seeing a test of lower 4k region - but the more I wait the higher we seem to be going. Not sure if it has anything to do with the bitfinex premium. But this up move just feels forced.