With the recent manipulations in the cryptocurrency world, it has become really hard to trade on exchanges. This is the case of GDAX or someone using a bot to manipulate the price on their exchange.
In this case, someone places extremely low value orders like 231 satoshis, 463 satoshis, 696 satoshis, 927 satoshis and 1160 satoshis. These are buy orders placed above the current bid price so that the price of bitcoin always keeps inflating. Now the real question is who is doing this- Is it GDAX itself or is it someone using a bot? In my experience its not really possible for someone to place such low amount orders and incur market fees at the same time. So the most probably outcome is that its GDAX themselves.
This is adversely affecting all other major exchanges. As GDAX remains bullish, its quite easy for traders to be misled even in a bearish market and place bullish trades not just on GDAX but on all other major exchanges.
What's your opinion on this subject? Comment down below.
I believe there is a minimum order you can place, so what you see is in fact buying, but sell orders are smaller than what buyer/buyers wanted...
left overs so to say...
Here is a support article from GDAX itself
https://support.gdax.com/customer/en/portal/articles/2426595-gdax-limits-for-deposits-withdrawals-trades-and-balances
It reads "The minimum trade size on GDAX is 0.01 BTC, LTC or ETH". Then how can someone place such low orders on the scale of 231 satoshis (0.00000231 BTC).
I mean someone has a sell order of 0.01, but other guy tries to buy 0.01000231, so after 0.01 is completed, that small amount is left...
I don't think that's what's happening here. I have observed their exchange when trading activity was extremely low and its only these orders that keep on executing without any real buy or sell orders being executed. You can observe the same in the screenshot itself that I posted. (Right click on Image and open in New Tab to see an expanded view)
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