SBD Price Boost - 2.35$ - Real or Fake - Why & How?

in #sbd6 years ago (edited)

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Hi Steemians,

If we look at SBD chart on coinmarketcap. We can see a clear Price boost. But digging a little bit deeper has left us with the following Picture which portrays the reality.

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The price has only changed on hitBTC exchange. and on rest of the exchange the price is trding around 1.8-1.9 zone.
The trading volume on hitBtc is around 58000$ which is almost half the volume of Bittrex.
The way coinmarketcap.com works is that it shows the average price on all exchanges and today HitBTC has disturbed the average.

What's the idea behind this move.

Well! First of all they have already halted their deposit and withdrawal. So for me there are only two possible scenarios.
No 1. is that there was a buyer in the market that shaked the entire exchange which is not a big deal a I guess.
No 2. is that, looking at the historical price i can see that this is happening the second time with SBD on hitBTC, deposit and withdraw are halted which means that if you have SBDs lying in your HitBTC account than you probably can exchange it to BTC and cash out a larger amount of funds. If i could be the owner of exchange I might use these type of strategies to attract users to keep funds in my exchange so next them they keep funds on my exchange and wait for the market to misbehave and to get large profit.

But No matter where the price goes, If the Exchanges are decentralized than there is no justification to halt deposits and withdrawals as it's P2P trading and people can buy and sell on the price they prefer.
Halting things is a little bit alarming.

This is not the only issue Steem price is also down on Polonies and Hitbtc and is trading around 2.02 which is 20% less than the CMP and deposit withdrawals are also halted on poloniex as well.

What are your views?

Is it worth keeping your funds in these type of exchanges?

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Should have figured it out myself. It all goes back to hitbtc. Glad to not be using their exchange anymore. Thanks.

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