Yesterday when I checked CoinMarketCap I got excited when I saw that SBD was up nearly 30%. I started to get giddy thinking it would be a good time to sell some SBD’s for BTC or Steem. I opened up my computer to get ready to send some BTC when I looked at the “markets” tab on CMC.
Upon checking this tab, it appeared that the price on HitBTC was multiples higher than every other market including Bittrex, Poloniex, and Upbit. The other exchanges had SBD was priced below $2.00, while HitBTC was priced around $10, albeit with only about 8-10% of the volume.
I figured I would sign up for an HitBTC account to see if it was possible to take advantage of this arbitrage opportunity. Within a few minutes I was on HitBTC and getting ready to deposit some SBD when I saw that the wallet was down and that SBD could not be deposited to HitBTC.
I was thinking that maybe I should keep some SBD on exchanges in case of pumps like this, but there are so many exchanges to keep it on that it may be too complicated. I wish CMC would not calculate this price into the average SBD price since it is a rather large outlier.
As of a few minutes ago, the price of SBD is down huge today, nearly 20% but this is completely due to a decrease in trading volume of the HitBTC exchange for SBD.
Thanks for the information
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What information?
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That's crazy, It was a good time to turn Sbd's into Steem . Thier prices narrowed really nice.
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Thank you for your continued support of SteemSilverGold
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Wow that’s pretty amazing !! Steem needs to rise as well
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I missed the opportunity to exchange SBD for STEEM. Oh well, just wait for the next pump. Bigger next time. @ironshield
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Yep, some shady business going on. I wonder if it was a person selling back and forth between alt accounts to drive the price up. They would just have to pay fees, but if they got the price to pop, then they could make a lot of money selling for good. Curious.
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Oh absolutely good be the case!! Volume there was close to $100k I feel like. Not a ton if traded back and fourth all day. It does feel like something sketch was going on
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I only saw it get as high as $60k for a 24 hour period, but didn't look into it too much as none of the other exchanges were popping. It seems that it has dropped off, so I don't know what the heck was going on. Strange, that's all I know.
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Nope, I was wrong. I looked again and it's even higher. SBD to over $20 now on that one exchange. Ha ha.
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What in the heck is going on? That is bizarre!
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Lame that the wallet was down
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I know!! I think the wallet has been down for months someone has said!!
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