Op-ed: Is Bitcoin Exchange Bitfinex in Trouble?

What exactly is bitcoin’s price? $1,174 as Coinbase is currently reporting, $1,211 as Bitfinex is saying or $1,028 as the Chinese exchanges are claiming?

Image via Tradeblock.

Normally, the arbitrage opportunity created gives us an answer within a day or two, but in this case, there may not be such easy answer as, although free money is up for grabs – some $40 per coin between Bifinex and Coinbase, while there’s a massive $200 opportunity between western and Chinese exchanges – no one is taking it.

That suggests money can’t quite move. For Chinese exchanges, we know PBoC has forced them to halt withdrawals, allegedly temporarily, but until they do re-start normal operations we won’t quite know.

Since bitcoin can’t move in these exchanges, while fiat deposits and withdrawals continue as normal, traders have no option but to sell bitcoin and withdraw if they wish to move value out of OKcoin, creating a significant sell pressure and a $200 gap.

Red Flags

That’s fine and understandable,

Read more ... source: CryptoCoinsNews

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