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Bitcoin Trading at $6000, Ether at $173 at Bitfinex.



Bitcoin Trading at $6000, Ether at $173 at Bitfinex.

An Opportunity for Arbitrage Hunters?

Bitcoin trading at $6000 on Bitfinex presents arbitrage opportunities for traders at a market volume of $38.9 million in Bitfinex. This is $300 over the reported price in Coinmarketcap as at Press time presenting arbitrage opportunities to traders.

Ether the second top cryptocurrency by market capitalization is trading at $173 as against the reported aggregate in CMC of $164. This is an interesting opportunity for arbitrage seekers. Sure appearing like a great opportunity considering some of the major top cryptocurrencies are experiencing some significant value increase in the exchange. This is evidenced with the variance as seen with other exchanges or the CMC reported aggregated data.

Bitfinex which was founded in 2012 and has its headquarters in Hong Kong is currently listed as the 44th top cryptocurrency exchange. This is according to Coinmarketcap data as at press time. It was one of the top and biggest exchanges, prior to the launch of some of the exchanges ahead of it.  However, it has been beset by a wide variety of allegations many of which it has up until now not been able to provide acceptable and substantial evidence to refute.

Arbitrage is a unique opportunity for traders to enjoy unique profits by trading the price differences between two different exchanges. According to Coinmarketcap and Bitfinex price data on Bitcoin and Ethereum, traders can be able to enjoy up to $300 and $10 profits respectively  with Bitcoin trading at $6000 on Bitfinex presenting arbitrage opportunities.

Even more, Bitfinex has recently announced the launch of their IEO in their attempt to raise $1 billion to continue financing its operation. This is expected to happen in the midst of its varied scandalous allegations such as wash trading, Tether’s full value not hedged against the Dollar, inability to provide clarity of Tether’s operative transparency, Bitcoin manipulation.

Bitfinex price data was removed from the data feed of Coinmarketcap yesterday with the sign of an asterisk * which the website says means

“Some prices are manually excluded from the average, denoted by an asterisk (*) on the markets tab. This action suggests price is not indicative of a “free market price”

Hence, its removal by CMC. This is coming after Coinmarketcap set new rules towards ensuring exchange transparency

Arbitrage provides a great opportunity for traders to make significant gains and profits. And as such, users are most likely to troop into the exchange. Be that as it may, many may not be considering the looming scandals and the rationality of the $1 billion funds to be raise via IEO.

Consequently, will anyone because of profit attempt getting into Bitfinex to enjoy Bitcoin trading at $6000 on Bitfinex presenting arbitrage opportunities? Let’s see how the arbitrage hunters react to this.

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I am fascinated by Technology ranging from Blockchain, AI, AR/VR and the general IoT. I report on tech related news on startups and other mainstream firms.



Bittrex International to Shutdown, Customers to Use a Soon to be Launched Bittrex Global Platform.



Bittrex has announced the closure of its Bittrex international trading platform and the launch of a new European trading platform, the Bittrex Global.

Confirming the date the ‘international’ platform will be shutdown, Bittrex in an email sent to its customers said on the 29th of October, 2019, the platform will be closing and the closure will coincide with the launch of a ‘new exchange partner’s.

According to the firm, the new partner will utilize the ‘trusted Bittrex technology platform.’

Headquartered in Liechtenstein, the email read “Bittrex Global aspires to be the premier global exchange for trading new and innovative blockchain tokens”.

In September 30th, Bittrex in a medium post said it will be launching a new platform, the Bittrex Global. According to the post, “Bittrex Global aspires to be the premier global exchange for trading new and innovative blockchain tokens in accordance with Liechtenstein’s Transaction Systems Based on Trustworthy Technologies Act, commonly referred to as the Blockchain Act.”

Once the Bittrex International platform goes off with the coming online of the Bittrex Global, customers of the former can effectively access the Bittrex Global platform using the login details of the former. This applies to corporate accounts also.

Despite the ability to access the Bittrex Global platform, customers will be required to accept the Terms of Service of the new platform before they can be able to use it.

According to a time table prepared by Bittrex, starting the series of steps that will see the successful migration of customers from one platform to the other, on the 21st of October, 2019; Customers of Bittrex International will be offered the opportunity to accept the terms of service of Bittrex Global.

The terms will become effective on the 29th of October when the Bittrex Global platform launches.

On the 29th of October will see the launch of the Bittrex Global platform. Customers accessing the ‘International’ platform will be redirected to the new platform where they will be prompted to accept the Terms of Service if they hadn’t.

In addition, the new platform will be launching a new customer support service.

Bittrex advised customers to follow the social media accounts of Bittrex Global platform for future announcements as the Bittrex International social media accounts will be retired.

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Users to purchase crypto on Binance with the Rubles. 



Russians will soon be able to purchase cryptocurrency on the world largest cryptocurrency exchange Binance.

This comes from the CEO, CZ who in the Open Innovation Conference in the capital of the country said Russians will be able to buy and trade rubles to cryptocurrency on the exchange.

He is quoted saying “In about two weeks or so, we should have support for Russian rubles trading directly.” He went in saying “so you’ll be able to buy cryptocurrencies using rubles.”

The firm which started as an exchange and has now grown into a platform business with the various products it offers to the cryptocurrency community had earlier partnered with a London based firm for a fiat gateway.

This allowed users to buy with MasterCard and Visa debit & credit cards cryptocurrencies. It also facilitates bank wire transfers for purchasing of cryptocurrencies.

Since the year began, Binance has been steadily building it’s business from being just an exchange to an ecosystem.

It started the 2019 crypto crowdfunding with the initial exchange offering IEO allowing crypto start-ups to raise funds while instantly getting listed on the exchange.

It has also developed and brought to the market its futures platform, its margin trading platform and Lending.

In addition to these, it launch an initiative to create localized stablecoins pegged to local currencies, Project Venus. A move which Libra is looking forward to implement.

As Binance has hinted plans to allow Russians to purchase cryptocurrency on the platform, it has so far launched four different fiat to crypto exchanges in Singapore, US, Uganda and Jersey.

By November, platform users will be able to purchase cryptocurrency using the rubles according to CZ.

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Bitfinex Seeks Recover $800million as it files to US Court to subpoena Crypto Capital Executive 



Cryptocurrency exchange Bitfinex seeks to recover its funds held up in Crypto Capital as it files to a US court to subpoena the firm’s Executive based on a report by Coindesk.

The filing according to the Exchange showed that Crypto Capital operated account(s) with TCA Bancorp and were used to initiate the transfer of funds itself and that VP TCA Bancorp may have information and documents important to its claims.

The filing, which took place on the 18th of October, seek to obtain the permission of the court to depose Monroe Rondell, the Vice President of TCA Bancorp and to obtain documentations of the VP’s communication with Crypto Capital.

According to Bitfinex, the business relationship with Crypto Capital was in good terms until news broke out about money laundering which resulted in the seizure of funds in Crypto Capital by the Polish authorities at the beginning of the second quarter last year.

In the third quarter, August 2018, Bitfinex said the firm told it that half a billion dollars of its funds are held up by both the Portuguese and Polish regulators. Validating the claim, a reference letter signed by the VP of TCA Bancorp Monroe after Bitfinex pressured Crypto Capital.

However, the letter revealed a little more than $300 million Bitfinex funds at the TCA on behalf of a client referred to as Global Trade Solutions AG (GTS), doing business under the name Crypto Capital.

Owing to these issues, Bitfinex has applied to depose Monroe Rondell and obtain documented records of communication with executives of Crypto Capital, GTS who are said to be related by blood.

Executives of both firms have been reportedly indicted by the US Department of Justice for bank fraud charges according to a report by Coindesk

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$36.7 Million Worth of BNB Destroyed as Binance Completes its 9th Quarterly Burn



Binance has announced the completion of its ninths quarterly burn of the BNB token. The period which is between July to September, 2019 say the burning of 2,061,888 BNB tokens worth at market value $36,700,000.

CZ, CEO of Binance in a statement made in the exchange’s blog said he will share some thoughts using the opportunity provided by the quarterly burn.

According to CZ, the last quarter burn represents a significant growth over the 2nd quarter burn. Contributing factors to the increase include new services such as the Margin Trading platform amongst other services which CZ noted are beginning to produce results.

For Q4, CZ acknowledged that services such as the Futures Trading will contribute to the Q4 burning.

Binance also mentioned that though the exchange has large user base, it could still be making the small profit compared to other exchanges in the industry.

He gave reasons for this position, one which be said it’s because of Binance long term goals to fund and invest in projects that has prospects. He also cited lowest fees in the industry as a reason.

CZ pointed out that Binance does not perform a “buy back” as some people think it’s better. He went further clarifying this position saying
” …..think about it: a platform’s main income should already be in their native platform token, and the only way to get the “cash” to do a “buy-back” is to sell their tokens first. So, to do a “buy-back,” they must sell first, then buy back. –– We believe this does not, in fact, achieve anything; it only indicates that those platforms are not holding their own tokens. They probably sell their tokens the minute they receive them.”

He concluded with a question “Would you want to hold their tokens when the platforms don’t hold it themselves?”

According to Binance, following the burn, there are still 185,474,825 BNB remaining

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