I am back with market overview for today. I am going to mention also two news which can have solid impact to volume traded on the BTC-e and Bitfinex.
News
BTC-e is back with 0.2% commissions for all transactions. This action will dramatically decrease the volume on this exchange. The other side effect of this action is decreasing price. You can compare blue candle chart from yesterday with chart from today. You can see this price re-evaluation already. This action will have huge impact to popularity of the exchange. BTC-e is trying to attract only small retail traders with no experience. In my opinion this is the step to wrong side. No doubt about it. BTC-e will lose traded volume.
Bitfinex is collapsing due lack of liquidity. Check this out. This is the official announcement from the exchange.
September 13, 2016
Due to the Mid Autumn Festival (Moon Festival) Holidays in Taiwan all banks will be closed on Thursday September 15 and Friday September 16. No deposits or withdrawals by wire will be processed during these days. The banks will open again on Monday September 19.
This is the reaction ( 25 $US peak - source TradeBlock). People are trying to get out of this crypto-currency exchange soon as possible.
This is solid proof of instability. The exchange is weaker than ever. People do not believe even word of what management says. They are sensitive for any announcement made by the exchange. For me, Bitfinex is dead already. (as I mentioned in my BFX analysis few days ago) Bitfinex - BFX
Overview
- The volume is approximately same as previous day
- Inflation of the bitcoin price on the BTC-e
- Bitfinex and Poloniex are out of the fair price
- Chinese markets are stable and efficient
