What's going on with STEEM on Bithumb?

in bithumb •  2 months ago


As a lot of people have been asking me lately and wondering about the price of Steem on Bithumb, I thought it would be a good time to write a post about things we know and wonder what could be the cause of these massive volumes and fluctuations of the Steem price on one of the biggest Korean exchanges.

Here is what we do know so far.

  • Bithumb has been one of the leading exchanges in a long time with prices of many cryptocurrencies often being at a premium on it
  • Bithumb recently experienced a hack and lost over $30 million, Steem was not one of the hacked coins and unaffected
  • Korean authorities found nothing wrong with the exchanges at a recent audit and are working on legitimizing crypto markets ASAP to prevent hacks
  • Shortly after the hack Bithumb transferred 1.5 million Steem to Binance for safekeeping(?)
  • After the blockchain freeze, exchanges disabled deposits and withdrawals until they upgraded to 19.5, Poloniex, Bittrex, Binance and Upbit are now back at allowing transfers, Bithumb still not
  • Although the Steem price has remained quite stable ranging between $1,20 and $1,80 on most exchanges in the past month, on Bithumb it has been going wild!

Price on most exchanges in USD the past month:

On Bithumb its been looking like this, prices in KRW (last night it went up to almost $9 per STEEM):

  • Coinmarketcap has removed Bithumb from the average price of Steem displayed on their site due to the big difference, volume has lately remained displayed as it costs to trade Steem on Bithumb

Questions that arise when looking through all of this.

  • Are the traders aware that Bithumb has Steem transfers disabled?
  • Are they speculating based on knowing there is no arbitration possible?
  • What will happen with the price once transfers are enabled again? Will it put pressure on the price to go up due to the big demand on Bithumb or will the "pumpers" stop once that happens?

A last thing that I noticed recently when checking out @penguinpablo's Weekly Steem Stats Report was these big transfers of a total of 1.5 million Steem to @bithumb.sunshine recently.

Is Bithumb about to re-enable transfers?

Moon soon?

:)



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Well if you ask me, the traders there have the right idea.
They know Steem is undervalued and that it will moon soon. 😂
But seriously though, i think its just pure speculation due to a closed exchange. Will it spill over? It might but we will probably see a sharp drop on Bithumb steem price before it does. Steem at 9$ isnt happening any time soon i think.

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Should also take into consideration that $9 is just $2 higher than all time high for Steem so it's not that of a magical number. Traders could care less if 1 STEEM is $5 or $30. Long term holders for stocks are used to 5-10 years of holding something. There are plenty of coins around $100 range that do way less than the STEEM Token.

At the moment on Bithumb, Steem is still trading over $7USD. I'm going to try and open an account there. I'm currently in Thailand. If accounts are not available outside Korea, how come they offer multiple languages, including Spanish, English, Chinese and Hindi ?
I will report back :-)
Personally though, I hate this speculative trading. It makes Crypto look like some sort of geeks game instead of a real world Fiat alternative. No wonder there is no mass adoption :-(

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Did you ever report back?

Thanks for the info @acidyo !
It's so hard to keep up with everything that is going on in crypto land. Posts like this really help.

I remember the time of these huge bithumb pumps one coin after another last year. Those were some times, lets hope things pick up again soon.

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Yeah, to me it seemed like Bithumb alone took ETH from $10 to $100 some time ago, wonder what it can do with Steem and its current liquidity.

OK, I managed to open an account without too much difficulty as an Englishman with an English phone number. I just need to do the passport verification thing, which I will try tomorrow now as its 7pm here already.
The only odd thing was the address. Only numbers in the postcode fields and no spaces between the rest of the address. Will see what happens when I try and verify it tomorrow, though I'd be wary making a deposit as that address and my bank account address wouldn't match exactly...we will see :-)

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Thanks for the info, let us know how it went. :)

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I will mate.Thank you :-) there is also a 3000krw bithumb cash bonus for free upon sign-up.

I would love some moon, I've heard its made of cheese and i would really love to take a bite out of it, I bet this is pure speculation by traders taking advantage of the low supply there is in the exchange right now due to the wallet being offline but I'm pretty sure it will stabilize as soon as they open up their wallets again, hopefully this stabilization happens above the current price of Steem :-D We seem to be taking a hit thanks to Bitcoin price action again, hopefully this doesn't last too long.

I think Koreans were behind every single price spike in the history of steem

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No surprise @ned had a talk in korea....go where the money is at !!

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Not only Steem I'd say, and probably not the first pump of 2016.

Is Bithumb about to re-enable transfers?

Surely not before the price is somewhat in line with the rest of the exchanges? Otherwise I need to sort an account out ASAP!

Moon soon?

Yes, not this kind though hopefully!

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I'm not sure but I think account creation there is only for Korean Citizens.

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ahh, bummer!

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Maybe you can ask a korean friend to dump for you. :P

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There are Korean Steemians and permanent residents of Korea on Steem. Perhaps some kind of arrangement could be made with them...

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Can I use one of your friends? :D

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Asher..didnt meet any at SF2, did yah?

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Umm, possibly! It's a long time ago for my brain to remember!

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Umm, possibly! It's
A long time ago for my
Brain to remember!

                 - abh12345


I'm a bot. I detect haiku.

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Lol blood moon 😎

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@abh12345 I tried to open an account, but I couldn't !!!

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Ahh, cheers. While the price is 5/6 times higher than everywhere else I guess it makes sense!

Wow last time I checked on Bithumb like last week it was only at around 3$. Never imagined it would shoot up there to almost 9$. Our markets so far seem pretty unaffected. We even lost in value and dropped to around 1.3$. I really hope that the demand will increase soon with Bithumb opening the gates and we having 2$+ prices.

Posted using Partiko Android

Some positive news finally.

LOL! Seems like steem is still a welcoming coin on the exchange!

That's very optimistic info. I hope it's not only a temporary hype in Korean markets. I think steem value is underestimated in terms of use right now, so maybe this will be impulse to mooning :)

hmmmm :(

I think it's only a matter of time before the people on here now realize just how lucky they were to be here now and earlier. I hope things stay the way they are for my own personal accumulation within my portfolio. All things in due time and this thing will see its day for sure. GS buying up poloniex is a great example of why cryptos will not fail and lets not forget that they've unloaded so much world wide debt in all the conventional places to where it won't be long until we see this one being used for the very same purposes hence the buying of exchanges by those very people who control the debt. And the most important reason........ steem just simply RoCkS!

Moon soon?

@acidyo, With this news I have big happiness about steem price. Yep... I think price will go higher after seems Price on most exchanges in USD the past month.

dont-give-up-steem-price-will-come-back-soon.jpg

It remind me of the craziness of HitBTC the past months. I think probably they are speculating it. That's why I'm kinda scared of those smaller exchanges...

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Yeah HitBTC hasn't been so reliable in the past...

moonsoon... sounds like something korean)

Let's hope for a moon

Really enjoying your posts! Just watched the $10 Steem YouTube video and got a kick out of your quirky sense of humour and asides - oh yeah, the advice was great too, add it brought all the Steem journey together for me. Thanks!

I think in the Future of Bitcoin. Your article is really full of information and facts. Thanks for sharing.

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Bro did you even read it?

Some happy thoughts :)
However the price gap is enormous, I cant understand how is this possible in the crypto world that suppose to not be limited by country borders and distance.... That is crypto main asset moving value everywhere.... fast and easy.

Let's spread the good news and positive hopes about steem price:)

Do I smell a housewarming + lan party coming up?

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wut? :P

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If STEEM moons, you have to throw a goddamn party.

We're talking about it's a lot of money I think we'll have to wait to see the changes that may occur in the next few weeks

Thank you! I first met Bithumb.

谢谢!第一次认识 Bithumb。

Es increible @acidyo, como en cualquier aspecto de nuestra vida podemos sufrir los riesgos de ser pirateados hasta estás grandes compañias que deben tener bastante seguridad informatica, que bien que el Steem no se vio afectado con este robo.

I think, these kind of short bumps helps the price to go up, as these indicates that there is a higher demand for steem. Irrespective of all these, we are definitely going to moon this year :)

This is a serious issue. Steemit Inc should rise up to occasion and correct this anomaly

But if there are buyers on bithumb for 9$ a STEEM.

Then it's worth 9$

Wooo! I'm definitely all buckled up.

I do feel for few months now that something huuge is coming. :) Steem on!

Ty for the info, I was wondering about this myself. It will be very interesting to see the price development once the wallet comes back online... Anyhow, I rather think that the prices at bithumb will go down to the others than vice versa. At this platform, it looks like a overheated peninsula.

Very informative Post, it shows up sometimes prizes went strange if there massive transactions between the traders... Hope Steem get more worthy again. Im sure we will rise again ;)

So interesting. I’ve noticed and been wondering the same about steem on bithumb.

I posted about bitthumb few weeks back--

https://steemit.com/teamaustralia/@itstime/how-to-manufacture-a-steem-price-pump-here-is-how

Is Bithumb about to re-enable transfers?

So , how does enabling transfer create an upward pressure on STEEM price ?

Can holders in the USA trade on their as well?

30$ million hacked, I'm surprised. 😱

Good post!!!
👍👍👍

Last to last month was not good for Korean crypto lovers. Not only bithumb but also coinrail faced hacking..
But it was good that users and team bithumb support each other.
And there is some Spike in Steem price on bithumb.
But there is some fall on Bittrex..

Posted using Partiko Android

Hi acid. Personally i don't think it is too far fetched and can't wait for them to come back on track. I think $9/10 for Steem is not too far off. Like you some of us are here for the long term so as long as it goes up in value we are all scoring.

Same thing with SBD on hitbtc . 1 SBD = 0.00238000 BTC = 18.90 $ .

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deposits and withdrawals are closed there for a long time

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Yea, I saw that !

upvote me all dear

After the hack, Bithumb let traders trade without fees so the increase in activity could be related. The interesting fact is that the volume seen from STEEM on the exchange is 15x the restnof the market! Not sure if it is logical but it could be the limited supply available to trade and free trades are making turnover exponentially increase.

Congratulations @acidyo!
Your post was mentioned in the Steemit Hit Parade in the following category:

  • Upvotes - Ranked 4 with 1356 upvotes

Now I understand why I could not deposit or withdraw Steem on Binance for a while. It was really frustrating and I am glad it is working again.