A lot of people are keeping a close eye on the Bitcoin price as of right now. That is only normal, primarily because of how it dominates the cryptocurrency landscape as a whole. At the same time, it is evident there is some price discrepancy to keep a close eye on. That in itself is pretty interesting, although it also raises a fair few questions along the way.
The Bitcoin Price Divide
For anyone who keeps close tabs on the cryptocurrency markets, it is evident Bitcoin is leading the pack at all times. Every single altcoin’s momentum hinges on what the value of BTC does over time. If Bitcoin loses value, altcoins tend to bleed value as well. If Bitcoin rises, altcoins usually drop in BTC value, yet might see their USD value increase as time progresses.
At the same time, there have been arbitrage opportunities to buy and sell BTC for a profit between different exchanges. Although these opportunities are often few and far between, these past two days tend to paint an interesting picture. Taking advantage of this price discrepancy is not exactly straightforward, although it is evident there is some good money to be made in the process.
At this time, the Bitcoin price sits at a value of $ 6,600. That is a pretty solid level, although it can be bought for less and sold for more depending on which exchange one uses. One BTC is currently valued at $ 6,750 on Bitfinex, an exchange which has paused all deposits and withdrawals for the time being. BitMEX, a platform offering Bitcoin derivatives, values Bitcoin at $ 6,430, a value also found on Liquid where BTC can be traded against the JPY.
It is very likely this current price discrepancy is still a direct result from the USDT pricing issue. Additionally, the value per BTC jumped to over $ 7,000 across some exchanges yesterday, even though that momentum did not last all that long in the end. As such, one has to wonder what the future will bring in this regard, albeit it seems unlikely a return to $ 7,000 will occur anytime soon.
— Criptalk (@criptalk_com) October 16, 2018
Some of the more notorious Bitcoin bulls are also cooling off on the world’s leading cryptocurrency right now. Mike Novogratz still has high expectations for a Bitcoin bull run, but it will not materialize until early 2019. That is a bit of a grim outlook first and foremost, albeit it was always a possibility first and foremost. There is no reason to despair just yet, as a Bitcoin price of over $ 5,000 would still be pretty significant first and foremost.
Under the current circumstance,s it will be interesting to see how long this Bitcoin arbitrage opportunity remains in place. Trading between Bitfinex and Liquid would be interesting for those with the money to spare, but since Bitfinex doesn’t allow withdrawals, it might not be as straightforward. At the same time, there will always be people who can take advantage of these developments, which can make them some good money in the process.
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