Over at burgeoning US-based bitcoin spot exchange Coinbase, some interesting action was going on as we were climbing up today in price: there was OVER 100,000 BTC ! (not 30,000 BTC) transacted in past 24 hours.
UPDATE: Here's a view with a different platform: TradeBlock, and they show that the feed wasn't down and that the daily volume is over 100,000 BTC! Everybody China now:
If you don't appreciate how bizarre this looks or are not experienced in the markets, here's what Bitfinex, a "normal" exchange looks like with its volume and price spread:
Back to Coinbase chart, here's a closer look at the action so you can see just how absurd it was:
The spread is $10 in 5-minute candles that are showing up to 2,000 BTC volume, then the exchange dies (although this appears to just be a feed error since TradeBlock has price action in that gap), and as soon as it comes back it does more. It resembles the activity we see on the OKCoin volumyzer, and recently over at Bitstamp.
Are all exchanges adopting shady practices to hype volume, following in the steps of the Chinese?
It could just be a new bot that is going wild, or it could be related to recent incentives they have put for volume rebates:
Are all exchanges adopting shady practices to hype volume, following in the steps of the Chinese?
It could just be a new bot that is going wild, or it could be related to recent incentives they have put for volume rebates:
No matter what's going on, this is really bizarre market activity that warrants an explanation from Coinbase management.
What do you think? Leave a comment with your thoughts below.
What do you think? Leave a comment with your thoughts below.
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