It's a good day to be a SBD owner, well if you are on HitBTC
Cryptocurrencies across the board are up today, but SBDs seem to be doing better than most, at least on first glance.
Bitcoin is up rather significantly (well at least for it), it's up over $7,600.
Steem is up about 6%, just over $2.50 per coin.
However, the real winner appears to be the SBD, again with emphasis on "appears".
Check out the percentage gain on SBD listed on coinmarketcap:
(Source: https://coinmarketcap.com/currencies/steem-dollars/)
39%?!
And we were happy with the 2% and 6% gains seen on bitcoin and steem...
However, things are not quite what they seem with SBDs.
Lets look a bit closer.
Take a look at the markets SBDs are currently trading in:
(Source: https://coinmarketcap.com/currencies/steem-dollars/)
Look closely at the 3rd one down on the list, HitBTC.
The SBD price is close to $10 per coin over there, talk about a price divergence from other exchanges.
The price of SBDs on Upbit and Bittrex is pretty much unchanged from yesterday, which means just about all those gains on coinmarketcap are coming from that price on HitBTC.
Which means, the only ones getting any benefit from SBDs being "high" right now are those trading on the HitBTC exchange.
Given the low volume, less than $60k traded, I would venture to say that not many traders are.
I don't have an account over there so I can't say for sure if there are wallet issues or not, but SBDs have routinely traded for wildly different prices on HitBTC vs. other exchanges.
That leads me to believe there are wallet issues for SBDs on HitBTC.
Anyone out there have an account with HitBTC?
If so, let me know in the comments section below whether their wallets are working properly for SBDs, or not.
Stay informed my friends.
Follow me: @jrcornel
SBD up? Really?
Good analysis @jcornel 👍
Sorry, you are wrong. This price anomalies are there becouse of lack of trade.
(Something similar happens with Sia Coins, SC, I Wrote about.)
"$135.20 137 votes" - 137 upvoting without thinking? Nice system.
Lol care to elaborate? In the last 24 hours coinmarketcap shows close to $60k worth of volume has gone off on that HitBTC exchange
is there anyone on hitbtc who already sold high? s. error
Perhaps if someone already had sbds they could convert them to btc and transfer it out? Though not totally sure if that is possible or not. Deposits at the very least are not working for sbds.
Last I checked, deposits for SBD and Steem were not working on HitBTC. Shame, that would be some nice arbitrage.
Sounds about right. It almost seems worth it to hold a couple SBD on some of these exchanges with non working wallets and then when they moon like this you can sell em for BTC or something else and transfer em out.
I have an account at HitBTC. Both STEEM and SBD are disabled for more than 3-4 months. Volumes are pretty low for both. It had records of SBD shooting to $34 and STEEM to $22 but with very thin volumes. Unfortunately, I don't have any STEEM or SBD there, but used to have some lol.
I personally never felt comfortable opening an account with HitBTC. I was going to until I noticed there were numerous amount of bad reviews when I typed in hitBTC hacked on google. If I see more than five forums of a hack, then it's a negative from me. Rather be safe than sorry!
And usually, my tactic involves investing a little money on a new exchange to test the site.
Always bullish on SBD, I just keep accumulating blocking out the noise.
perhaps it's a pump'n dump on HitBTC?
Yep, tends to happen when the wallets aren't working properly. Polo had stuff like this quite a bit a while back.
I hear enough bad stuff about polo to never open an account there.
I have an account there and I will be closing it soon. Moving all operation to binance. Poloniex has non-existent support and there wallets go down at the wrong time. STEEM wallet has been down forever and price is atleast 20% below market price.
Poloniex UI is so beautiful too, such a shame their support SUCKS.
That a very interesting observation. Iam still learning with Cryptos so still a little fuzzy but did not realize there can be such a disparity on price of a coin trading on a different Exchange