Up To 63 Cents! No, Down To 49 cents! Wait! Back to 63...

in #steem5 years ago

Some stranger than usual things have been happening regarding STEEM, at least as far as World Coin Index is concerned.


Screen Shot 20190408 at 10.40.02 AM.png

As you can see by the nearly straight up and down lines on the right side of the chart, there's been some whiplash kinds of moves taking place. It might be cause for alarm—either because World Coin Index is having issues, or because the STEEM price is—but when you look at the screen grab, there's some curious clues to what's going on.

Bithumb Is The Culprit

Over the last 15 months, there have been times when one exchange or another will abruptly do something the others aren't. It's not always the same exchange, and lately when something like this has happened, they seem to be taking turns.

This time, for whatever reasons, Bithumb is driving the price up with STEEM/KRW, while every other exchange is considerably lower, including Upbit, which has a STEEM/KRW pair, too. 24-hour volume is up on Bithumb, while every one else is trailing considerably.


Screen Shot 20190408 at 11.18.44 AM.png

WCI Can't Decide

The up and down lines like a polygraph test, I believe, is something going on with the chart itself, or the site, because it seems to happen when something decides to ignore Bithumb's activity, and then decides to let them back in. That changes the average, which pumps the line up or down.

Houbi No Longer Trading STEEM?

For some reason, all three pairs from Houbi show $0 in volume, which is another oddity. What's going on there? If they're no longer trading, should they even be listed? Between Bithumb trying to push price and Houbi maintaining price but on zero volume, it's definitely weird on WCI right now.

Meanwhile, In SBD News...

Upbit was pushing the price of SBD pretty hard, but has come off of that since STEEM started to reverse a bit on everything not Bithumb.

I usually watch both tokens every day, all day. I've been doing it for over a year now. This is the first time I've seen anything like this. Which doesn't mean it's not happened before, or that anything is necessarily wrong. Just the crypto market being the crypto market. Hopefully, one way or another, whoever's job it is, will figure out what's happening and all will be well.

Images source—World Coin Index

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I rely on @coingecko for market data and see about $823k on volume for Huobi; second on volume to Upbit (and excluding Bithumb).

Sort of confusing as I have been trying to buy some this weekend but trying to wait for the market to settle down a bit!

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It's definitely been odd, @newageinv, and I'm not sure if I would feel all that comfortable trying to buy when some weird things are happening. Typically World Coin Index sidelines the out of control exchange if the others don't go with it, but for some reason it's just having a hard time keeping Bithumb isolated.

Sounds like coingecko is up to the task, though, and probably the others. I like WCI (I can read it and understand what I'm looking at), I just don't often get why STEEM and SBD are doing what they're doing, and I'm afraid that's going to be the case no matter which index I'm looking at. :)

Let us really hope for the best for the steem price because at times, me watching the steem price often and often is fustrating for me

That is interesting I never look at the charts that closely myself just see what the current rate s or the weekly trend, but seeing it like this does make one wonder what is going on,but we don’t have to wonder to deeply as you also explain portions of what could be going on for us

hey, @tattoodjay.

"Could" being the very loosely operative word. :) I think someone else pointed out that Houbi is indeed trading STEEM still, so whatever is happening, sounds more and more like World Coin Index having a bad day, although I'm not sure if that totally explains what Bithumb is up to.

I must admit I am no expert on Crypto I really only follow Steem and SBD, but maybe is coin Index having a bad day I have found the page and bookmarked it I am now curious to check it each day and see what is going on

The volatility of any crypto is hard to follow sometimes.

Posted using Partiko Android

Hey, @chesatochi.

That seems to be the case more time than not for me. This time around, it seems a little bit more than volatility, including World Coin Index being on the fritz at the same time. It's done that a time or two. The fact that Bithumb seems to be running up the numbers is not new. I guess it was just the combination of that and WCI not seeming to be able to make up it's mind what to do with it being the strange thing.

I mean, if this stuff were happening on the Dow, it would be a big deal. Here, we all kind of do a collective, "Hunh," and go on with our day. :) Seems like when things get big, though, this kind of horseplay or whatever it is needs to be done away with.

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