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Bitcoin Prices Broaches $9,000 on Crypto Exchange WEX; Critics Cry Foul

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The bitcoin price has been largely flat on Wednesday, rising approximately one-half-of-one percent on the global markets. At one Singapore-based exchange, however, the flagship cryptocurrency is soaring by thousands of dollars — and critics are sounding the alarm.

The exchange in question is World Exchange Services, better known by its acronym, WEX, where the bitcoin price inexplicably spiked as high as $8,999 during intraday trading. Despite a brief pullback, WEX’s BTC/USD market is currently holding steady at $8,000 — a full $1,600 above the trading pair’s global average.

bitcoin price
The bitcoin price came within pennies of $9,000 on cryptocurrency exchange WEX.

The pump extended to other WEX markets, including USDT/USD, which saw the controversial tether token climb as high as $1.30 despite being pegged to physical USD at a 1:1 ratio.

It’s not immediately clear what is causing the bitcoin price to trade so far above its global average. Some observers, including widely-followed bitcoin trader Kazonomics, have theorized that it could be indicative of USD insolvency at the exchange or even an outright exit scam.

Others, however, have said that it likely stems from the illiquidity of WEX’s USD markets, as well as the fact that the exchange charges hefty fees for fiat withdrawals.

Given the price discrepancy between WEX and other exchanges, many traders may be tempted to profit from this apparently-golden arbitrage opportunity. Nevertheless, several industry veterans have warned that if an arbitrage opportunity looks too good to be true, it probably is.

“You should ask yourselves why is there this ‘too good to be true’ arbitrage opportunity and avoid in case,” Altana Digital Currency Fund CIO Alistair Milne wrote on Twitter. “This is what saved me from Mt. Gox.”

Notably, this isn’t the first time that this particular trading platform has come under scrutiny. Though now under new ownership and management, WEX — as CCN reported — is a rebranded version of now-defunct cryptocurrency exchange BTC-e, which was shut down in connection with an international investigation into a multi-billion dollar bitcoin money laundering operation.

As of writing, WEX has a daily trading volume of $35 million, which makes it the 35th-largest cryptocurrency trading platform. The exchange did not immediately respond to a request for comment.

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Bitcoin Technical Analysis: BTC/USD danger remains at large, $3000 eyed

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  • Bitcoin price on Monday nursing minor losses of some 1.4% into the second half of the day. 
  • Vulnerabilities continue to lurk for BTC/USD, at danger of retesting the $3000 mark to the downside, where some call it the bottom. 
  • Bobby Lee, forecasts $333K for Bitcoin. Saying,  “If history repeats perfectly, then the current bear market for #Bitcoin would bottom out at $2,500 next month, in Jan 2019. And then the next rally would start in late 2020, peak out in Dec 2021 at $333,000, and then crash back down to $41,000 in Jan 2023.”

BTC/USD 15-minute chart

 

Spot rate:                  3474.38

Relative change:      -1.60%

High:                         3589.36

Low:                          3443.91

Trend:                        Bearish

Support 1:                  3466.00, near-term ascending trend line.

Support 2:                  3392.70, daily pivot point support.

Support 3:                  3252.53, psychological support.

Resistance 1:             3516.95, 15-minute resistance.

Resistance 2:             3655.36, daily pivot point resistance.

Resistance 3:             3777.85, daily pivot point resistance.

BTC/USD 4-hour chart

  • Price action is depressed, moving within a range-block, ahead of further potential moves to the deep south, $3K remains eyed. 

Source: fxstreet

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Ripple’s XRP Follows the Market Leader and Trades at a Key Level

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Ripple’s XRP has been following the movements of market leader Bitcoin. Both dropped significantly in price leading up to Friday last week but underwent a small recovery over the weekend.

XRP now trades at the key $0.3 level. The market drop on Friday which brought market leader Bitcoin to a 2018 low around $2800 saw XRP drop to $0.285. It had since recovered back above $0.3 over the weekend and currently trades around this point.

With the market back to declining today, it is likely that XRP will drop and potentially stay below $0.3. The 2018 low for XRP is around $0.25, so a return to bearish movements may bring XRP price to this level. The momentum is on the side of sellers with both the MACD and RSI decreasing to the downside.

XRP Daily Chart – Source: Tradingview.com

The market leader Bitcoin which represents over 55% of the entire cryptocurrency market cap has been recording similar movements. A recovery over the weekend brought the price briefly above $3600. Price has started declining since and this has likely resulted in a lower high being formed in both Bitcoin and XRP.

$3000 is the next key level to monitor for Bitcoin, and a drop to this level may bring the entire cryptocurrency market cap below $100 Billion. A drop below either of these may spark another sever sell-off across the market.

Bitcoin Daily Chart – Source: Tradingview.com
Cryptocurrency Market Cap

Key Takeaways:

  • Bitcoin and XRP recovered over the weekend after a bearish week but have since returned to depreciating.
  • The recovery over the weekend was likely a lower high forming, and the next significant downside move may result in new 2018 lows forming.
  • The key level to monitor for XRP is $0.25 and the key level to monitor for Bitcoin is $3000. A drop to these levels would likely result in the entire cryptocurrency market dropping below $100 Billion and this may spark a severe sell-off.

Source:blokt

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Tron Price Dips in the Red Following Fresh Bearish Momentum

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All cryptocurrencies will seemingly be subjected to a fresh round of bearish momentum in the coming hours and days. The hourly charts have looked relatively weak all morning, and it seems most of yesterday’s gains will be wiped out fairly soon. The Tron price is one of the first to budge, as its losses in USD and BTC value are already piling up rather quickly.

Tron Price Starts to Slide Again

Although yesterday was a very promising day for Bitcoin, digital assets, and alternative currencies, Mondays usually offer something entirely different. There has been plenty of bearish momentum during the first day of the week for most of 2018, and this week will not necessarily be any different. If the Tron price is any real indication, things will go from positive to negative fairly quickly. That is an unfortunate trend, but it was also to be expecdOver the past 24 hours, the value per TRX has dropped by 1.5% in USD value and 2.5% in BTC value. This is a very big setback, considering the Tron price was looking rather healthy just a few hours ago. More market pressure for Bitcoin usually results in altcoins losing value. This trend has been in place for months now, and it seems nothing has changed in this department either.

When looking across Twitter, it would seem some interesting TRX-related discussions are taking place. First of all, Justin Sun acknowledges there needs to be a vast improvement in how cryptocurrency can be bought. This is not a problem unique to Tron, though, as purchasing Bitcoin remains an ongoing struggle for a lot of people as well. Especially when it comes to the elderly, getting involved in cryptocurrencies is extremely complicated.

While that discussion is taking place, a completely different tone can be found in the tweet by Analysing Crypto. It seems this account doesn’t like Tron all that much, primarily because of the “bragging, noobs fav coin, and announcements of announcements” approach this altcoin is well-known for. An interesting view, although there will be plenty of people who disagree with these statements first and foremost.Regardless of how people feel about Tron as a cryptocurrency, there are still those who tend to favor the altcoin for what it can offer in terms of trading profits. TheCryptoViking is one of the people looking at this altcoin as a way to diversify the current portfolio, and also pocket some profits over the coming weeks. It is always a good idea to effectively look into different currencies and assets at all times.Although Tron is the first major altcoin to go in the red, there is no indication a lot of damage will be done in the process. The entire year 2018 has seen sufficient bearish momentum to keep markets in the red, albeit ever so slightly. As such, there is a chance the Tron price will rebound fairly quickly, but for now, the minor losses will need to be endured.

Source:nulltx.

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