That move down was the markets following Mainland China exchanges down... Chinese exchanges fell to sub-3k prices. Fiat deposits are disabled, so no possibility of traditional arbitrage. As far as I can tell, the smart money on those exchanges is now buying up discount BTC over there and dumping it en mass on Bitfinex....
Markets tend to do that ;)
But that down move on Chinese fears was wayyy overdone.
That move down was the markets following Mainland China exchanges down... Chinese exchanges fell to sub-3k prices. Fiat deposits are disabled, so no possibility of traditional arbitrage. As far as I can tell, the smart money on those exchanges is now buying up discount BTC over there and dumping it en mass on Bitfinex....
Interesting theory.