people can't get their money out by wire, so they buy btc and withdraw that. since everyone wants out apparently, btc will shoot to moon on bitfinex. symptom of worse problem usually, although bitfinex says nothing to worry about, nothing to see here.
They are facing a problem with banks,especially of taiwan.So they have stopped accepting wire transfer of fiat US dollars.Thats why this situation exists.But its temporary and will be solved soon. 
Topic: Whats going on with Bitfinex BTC trading? (Read 751 times)
btc on poloniex is also very high at 1342 usd at the moment
It seems one just need to be careful these days because the rate at which price is being skyrocketed without any basis. I checked on blockchain now and its still at $1200+. Hopefully this can circulate across board for everyone to benefit from.
Actually, it's a bit more interesting than just "everyone is fleeing Bitfinex by buying Bitcoin and then withdrawing".
I used to think it was, but then I realised that the price premium is really a mixture of people leaving and people trying to arbitrage trade.
So the price premium as a percentage is actually more about what chance people think Bitfinex have of failing at the end. Currently, it's 8.25% over Bitfinex's price, so we could say that overall, the market sentiment in money overall is that Bitfinex's chance of failing is 8.25% because even though their cold wallet has been hugely emptied, many people are putting money into Bitfinex to arbitrage trade with fiat for when they come back.
Not that I think that it's worth it.
I used to think it was, but then I realised that the price premium is really a mixture of people leaving and people trying to arbitrage trade.
So the price premium as a percentage is actually more about what chance people think Bitfinex have of failing at the end. Currently, it's 8.25% over Bitfinex's price, so we could say that overall, the market sentiment in money overall is that Bitfinex's chance of failing is 8.25% because even though their cold wallet has been hugely emptied, many people are putting money into Bitfinex to arbitrage trade with fiat for when they come back.
Not that I think that it's worth it.
btc on poloniex is also very high at 1342 usd at the moment
Whats going on with Bitfinex? Bitfinex BTC price is ahead about 100$ vs. most exchanges and much more so vs Chinese exchanges... Mt Gox all over again?
https://coinmarketcap.com/currencies/bitcoin/#markets
Take a look at what volume bitfinex currently has, it is between 5% and 6% of the total volume counted from the all exchanges.https://coinmarketcap.com/currencies/bitcoin/#markets
The issue about it, is that they have suspended wire transfers. You cannot deposit fiat in there right now (US) and also, you cannot sell the bitcoins to obtain real cash on your bank account, the banks have frozen their accounts with the clients money.
This is why the price is so higher, people are buying BTC's with the leftovers they have in fiat, just to withdraw it through blockchain network, on the other wallet or exchange.
Indeed, there is some panic but only on bitfinex, BTC literally dont care.
Whats going on with Bitfinex? Bitfinex BTC price is ahead about 100$ vs. most exchanges and much more so vs Chinese exchanges... Mt Gox all over again?
https://coinmarketcap.com/currencies/bitcoin/#markets
People are buying bitcoin to get their money out of there and every time there is a huge surge in demand then the price goes up, but since this is limited to that particular exchange then the price is only affected there, I think we are witnessing the beginning stages of another incident like what happened back then but it will not as big because Bitfinex is not that big. https://coinmarketcap.com/currencies/bitcoin/#markets
people can't get their money out by wire, so they buy btc and withdraw that. since everyone wants out apparently, btc will shoot to moon on bitfinex. symptom of worse problem usually, although bitfinex says nothing to worry about, nothing to see here.
"Nothing to see" 
except one opens up the USDT data available at https://coinmarketcap.com/assets/tether/ and pay special attention onto the last weekspan.Market Cap has been ramped up like stairsteps, pegging withhold 0.999 "fine grade" onto the dollar but now we can see free market forces disrupting. Maybe Kraken adding USD/USDT trade caused this.
More news at https://bitcointalksearch.org/topic/2017-04-21spreads-widen-at-bitcoin-exchanges-amid-bitfinex-banking-issues-1879564
Advice: Get the friendlyway out, before it's to late in a bank run
Bitfinex have stopped accepting bankwire for deposit due to their Taiwanese bank and now they are looking for alternative which may take more than a month. As now they don't have any bank to process bankwire they are unable to process any fiat withdrawal. So only option left for all traders is to buy bitcoin and withdraw it to sell on other trading platforms.
This is the actual reason behind all this price drama.
This is the actual reason behind all this price drama.
~
Time to start looking at actual exchange rates instead of aggregated data.
Time to start looking at actual exchange rates instead of aggregated data.
it is not "exaggerated data"! it is very real and it is happening. and what preev reports is just an API call to these exchanges and it reports what they report, and at this time Bitfinex is reporting a high price because of obvious reasons that are already stated.
Whats going on with Bitfinex? Bitfinex BTC price is ahead about 100$ vs. most exchanges and much more so vs Chinese exchanges... Mt Gox all over again?
https://coinmarketcap.com/currencies/bitcoin/#markets
https://coinmarketcap.com/currencies/bitcoin/#markets
the reason of this being people unable to transfer via wire and only option left is via Bitcoin. I would suggest to move your funds from bitfinex because i suspect something similiar to Mt Gox
This is what I was wondering since preev is signaling Bitcoin to be close to $1.3k, but no-one was talking about it and it didn't seem like anyone was impressed. It makes sense considering preev uses Bitfinex as one of the few exchanges to take their data from.
But yeah Bitfinex is high because they can't take their cash out, and as such the value gets inflated rapidly since people still want to keep their money and then you get inflated values which don't really have an effect on the rest of the market.
Time to start looking at actual exchange rates instead of aggregated data.
This is funny, because it's exactly like how Mt. Gox was before they splattered the bitcoin world with excrement. However, the grapevine says that it's only fiat that people can't get out, not crypto. That's somewhat reassuring, though I expect they're ultimately fucked. Just like Gox, like Cryptsy, like everyone else who "got hacked". The circumstances are just a little bit different this time. But yeah Bitfinex is high because they can't take their cash out, and as such the value gets inflated rapidly since people still want to keep their money and then you get inflated values which don't really have an effect on the rest of the market.
Time to start looking at actual exchange rates instead of aggregated data.
Whats going on with Bitfinex? Bitfinex BTC price is ahead about 100$ vs. most exchanges and much more so vs Chinese exchanges... Mt Gox all over again?
https://coinmarketcap.com/currencies/bitcoin/#markets
Well I think it is just problem on wire transfer on bitfinex and it's problem had been answered above me https://coinmarketcap.com/currencies/bitcoin/#markets
I think you was made wrong place for this thread,
should this thread on service discussion section because we are taking about market of bitfinex
so it will be good talking about it on service discussion not on bitcoin discussion. Thanks
Hey OP you have nice Avatar and signature campaign.
i agree with you. 
people can't get their money out by wire, so they buy btc and withdraw that. since everyone wants out apparently, btc will shoot to moon on bitfinex. symptom of worse problem usually, although bitfinex says nothing to worry about, nothing to see here.
Yes if this keeps going on then Bitfinex will have nothing in their exchange except useless fiat that they cannot move out from their banks.
Did they really make the hacked funds back from their issued tokens? That was $65m stolen. Where did that amount come from in a short amount of time?
Looking at it all there's something going on with their market because of their bank accounts on Taiwan closing, resulting this mess and showing a value about $100 higher than any other exchange is showing.
I'm just looking at BTC-E right now and they're pegging it at $1220, so it looks like something very exclusive to Bitfinex. Been a lot of issues for them lately.
I'm just looking at BTC-E right now and they're pegging it at $1220, so it looks like something very exclusive to Bitfinex. Been a lot of issues for them lately.
This is what I was wondering since preev is signaling Bitcoin to be close to $1.3k, but no-one was talking about it and it didn't seem like anyone was impressed. It makes sense considering preev uses Bitfinex as one of the few exchanges to take their data from.
But yeah Bitfinex is high because they can't take their cash out, and as such the value gets inflated rapidly since people still want to keep their money and then you get inflated values which don't really have an effect on the rest of the market.
Time to start looking at actual exchange rates instead of aggregated data.
But yeah Bitfinex is high because they can't take their cash out, and as such the value gets inflated rapidly since people still want to keep their money and then you get inflated values which don't really have an effect on the rest of the market.
Time to start looking at actual exchange rates instead of aggregated data.
Whats going on with Bitfinex? Bitfinex BTC price is ahead about 100$ vs. most exchanges and much more so vs Chinese exchanges... Mt Gox all over again?
https://coinmarketcap.com/currencies/bitcoin/#markets
Here's your answer. https://coinmarketcap.com/currencies/bitcoin/#markets
https://www.bitfinex.com/posts
Wire transfer has blocked and everyone might not be able to withdraw or deposit through the wire transaction. So, the possible way for the users to cash out his money is through the bitcoin or another coin such as litecoin etc.
But more volume of bitcoin is going out and it will always decrease as soon as possible. That makes FOMO bitcoin.
people can't get their money out by wire, so they buy btc and withdraw that. since everyone wants out apparently, btc will shoot to moon on bitfinex. symptom of worse problem usually, although bitfinex says nothing to worry about, nothing to see here.
Whats going on with Bitfinex? Bitfinex BTC price is ahead about 100$ vs. most exchanges and much more so vs Chinese exchanges... Mt Gox all over again?
https://coinmarketcap.com/currencies/bitcoin/#markets
https://coinmarketcap.com/currencies/bitcoin/#markets
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