[2018-10-15] Bitcoin Price Jumps by 11% to Reach One-Month High Above $6.9k

Lucius

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Quote from: squatter on October 16, 2018, 02:10:31 PM

Shortly after the news about Noble Bank, reports leaked that Bitfinex had acquired a bank account with HSBC. Within a few days however, that account was supposedly closed and Bitfinex shut down fiat deposits. Rumor has it that Bitfinex set up the account through a shell company and didn't properly declare what it was used for, and as soon as HSBC got wind of it, they shut it down.

Wells Fargo cut them off in 2017. I know they were banking with ING earlier this year, but given their current woes, I'm guessing that's over as well.

Bitfinex has no luck with the banks, or banks just do not want to do business with them for some reason. HSBC is known as a bank that does not care too much for legality nor for the origin of money so it is really strange if it is true that neither they do not want to do business with this exchange.

Today Bitfinex post about Improved Fiat Deposit System: A Distributed Banking Solution , deposit should work again, but there is no mention which bank is behind them this time. Maybe this "distributed banking solution" is what is described here : Will the Distributed Banking replace the Traditional Banking System?

squatter

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Quote from: Lucius on October 16, 2018, 03:42:48 AM

Quote from: squatter on October 15, 2018, 03:43:57 PM

The rumors about insolvency may be FUD, but Bitfinex's problems are obviously a big factor here. I wouldn't call it nonsense at all. They've shut down fiat deposits, people have been complaining about missing bank wires going on 2 months, and they've publicly lost two banks in two weeks. Literally the only way out of Bitfinex or Tether is buying cryptocurrency. You can see it reflected in their declining cold storage reserves. The price disparities make pretty clear that Bitfinex's problems have a real effect on supply and demand.

I read that Bitfinex is quit cooperation with Noble Bank (Puerto Rico) because this bank came to the bankruptcy, and that this is main reason for temporary stopping fiat deposits. But when you say "lost two banks" do you mean that second bank is ING? I know they stopped working with Wells Fargo, this happened in February this year. So it would mean that at this point they do not really have the bank they would work with, unless negotiations with HSBC are not already finished.

Shortly after the news about Noble Bank, reports leaked that Bitfinex had acquired a bank account with HSBC. Within a few days however, that account was supposedly closed and Bitfinex shut down fiat deposits. Rumor has it that Bitfinex set up the account through a shell company and didn't properly declare what it was used for, and as soon as HSBC got wind of it, they shut it down.

Wells Fargo cut them off in 2017. I know they were banking with ING earlier this year, but given their current woes, I'm guessing that's over as well.

coolcoinz

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Quote from: LeGaulois on October 15, 2018, 05:42:38 PM

The Bitfinex cold wallet volume decreased by 20% in 10-15 days. Bitcoin reached $6,900 but only for 2 hours, so. But if Bitfinex is the direct responsible then we can expect more this week of the next one. Yummy, finally a long period of green! At the same time, I smell a good old drama story coming...

2 hours is enough to liquidate shorts and I think that there were 2 reasons for this sudden spike. The first one was Tether that pushed some scared individuals to buy Bitcoin with all their USDt. This liquidated shorts and made the price go even higher. I think it's still fine because thanks to this we've defended 6000 once again. Maybe this will be the beginning of a new rally like the one we had in August?

yesyes18

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This tether FUD is making real buzz in the cryptospace and its impact was great in the market. I don't know but I think fhings like this make people believe what they hear that crypto is highly manipulted is true. Bitffinex should get straightened up and provide clearer transparency on this usdt thing. The dilemma around it so much. Anyways my opinion: we should get tether FUD more often...it makes us hapoy lol.. Cheesy

Lucius

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Quote from: squatter on October 15, 2018, 03:43:57 PM

The rumors about insolvency may be FUD, but Bitfinex's problems are obviously a big factor here. I wouldn't call it nonsense at all. They've shut down fiat deposits, people have been complaining about missing bank wires going on 2 months, and they've publicly lost two banks in two weeks. Literally the only way out of Bitfinex or Tether is buying cryptocurrency. You can see it reflected in their declining cold storage reserves. The price disparities make pretty clear that Bitfinex's problems have a real effect on supply and demand.

I read that Bitfinex is quit cooperation with Noble Bank (Puerto Rico) because this bank came to the bankruptcy, and that this is main reason for temporary stopping fiat deposits. But when you say "lost two banks" do you mean that second bank is ING? I know they stopped working with Wells Fargo, this happened in February this year. So it would mean that at this point they do not really have the bank they would work with, unless negotiations with HSBC are not already finished.

Personally I never liked Tether idea and Bitfinex role in all this, things are not quite clear here, and as we all see, this leaves plenty of room for various manipulations.

LeGaulois

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The Bitfinex cold wallet volume decreased by 20% in 10-15 days. Bitcoin reached $6,900 but only for 2 hours, so. But if Bitfinex is the direct responsible then we can expect more this week of the next one. Yummy, finally a long period of green! At the same time, I smell a good old drama story coming...

squatter

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Quote from: 1Referee on October 15, 2018, 02:54:59 PM

If you look at the volumes just before the price shot up, we were about to hit another low in terms of global crypto volumes this year, and suddenly the good old Tether fud nonsense was pulled out of the magical hat, and it worked. The market has gone nuts and the volumes are back with some level of volatility as well.

The rumors about insolvency may be FUD, but Bitfinex's problems are obviously a big factor here. I wouldn't call it nonsense at all. They've shut down fiat deposits, people have been complaining about missing bank wires going on 2 months, and they've publicly lost two banks in two weeks. Literally the only way out of Bitfinex or Tether is buying cryptocurrency. You can see it reflected in their declining cold storage reserves. The price disparities make pretty clear that Bitfinex's problems have a real effect on supply and demand.

1Referee

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Quote from: BitHodler on October 15, 2018, 06:18:31 AM

It's obviously Bitfinex directly being responsible for that artificial increase. The price jumped from $6300 to $7700 in a very short period of time, and it starts to look like WEX in a less severe way, and that's pretty bad.

I don't buy it. It's just another orchestrated way to spark the market to generate volumes again.

If you look at the volumes just before the price shot up, we were about to hit another low in terms of global crypto volumes this year, and suddenly the good old Tether fud nonsense was pulled out of the magical hat, and it worked. The market has gone nuts and the volumes are back with some level of volatility as well.

Exchanges as Bitmex and Bitfinex thrive on volatility and that's what they value the most. The exaggerated reaction of the market once again points out crypto has a long way to go in order to become a mature asset class.

BitHodler

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It's obviously Bitfinex directly being responsible for that artificial increase. The price jumped from $6300 to $7700 in a very short period of time, and it starts to look like WEX in a less severe way, and that's pretty bad.

Some large holders must have been desperate enough to buy up the price that much in order to get rid of their USDT holdings. Some exchanges have even halted USDT deposits, and rightfully so.

The last thing you want as exchange is to have people deposit USDT and withdraw crypto from your platform. We'll see where it goes from here, but it's not really looking good. Premiums in prices is mostly the first red flag.

Lucius

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Bitcoin, the world's largest cryptocurrency by market capitalization, jumped by 11 percent on Monday, pushing prices above $6,900 for the first time in a month.

CoinDesk's Bitcoin Price Index shows that ,just after 5:00 UTC on Monday, bitcoin saw a sudden spike of $400 over the course of 60 minutes, and reached as high as $6,960 by 6:45 UTC – a level not seen since Sept. 6.

As of press time, bitcoin's price has dropped back slightly to around $6,800.

https://www.coindesk.com/bitcoin-price-jumps-by-600-to-reach-one-month-high-above-6-9k/

In time when you read this price of BTC is drop under 6400$, and is likely to return to the values we see in the previous days. Some say that the cause of this lies in Bitfinex decision to pause fiat deposits and FUD that was created around it. Also it is interesting that price difference between Bitfinex and Bitstamp was 700$ + at one point - nice profit for those who did not oversleep this pump.

Topic: [2018-10-15] Bitcoin Price Jumps by 11% to Reach One-Month High Above $6.9k (Read 213 times)