This is crazy a 54.5 BTC buyer on HitBTC for Steem Dollars, level madness on a Monday, SBD above 100 USD--> CoinMarketCap takes action place HitBTC Price/Volume as Outlier

in sbd •  5 months ago

Well I thought that 0.00448 would have been the high of the three day madness but it seems like this 54.5 BTC bid on HitBTC had other plans, with prices skyrocketing to 0.020 BTC per SBD. Three days of relentless buying was not enough as this morning bid sent the market into a frenzy.
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As I write right now, there is still traders/ speculators bidding this up eating whatever sell wall is put up. Steem Dollars was trading at 139.00 USD on HitBTC and currently trading at 89 USD. This is as crazy as it comes.

I also notice that CoinMarketCap remove the feed coming from HitBTC an place it as Outlier, as it went pass the volume on Bittrex. Interesting enough, this isn't the typical pump and dump, 3 days of relentless buying, I know some folks would be happy if Steem was getting that kind of 54.5 BTC bid but as I said before, this seem to be 1 trader with quite a few BTC a whale as they would say dancing in that market.

On the funny side, I guess @haejin prediction came through hahahahahahaha, but no one got to enjoy the party. The market has cool off now, BTC volume died off
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Don't read to much into this, we most likely never see Steem or SBD hitting those kind of prices on Bittrex, probably Upbit on a crazy night. Nonetheless, Steem has some healthy volume on Upbit and Bittrex on and off but its unlikely to see any significant jump in price until sellers take a break. I have been following Steem price action a lot across exchanges and spike in BTC has been greeted with large volume sellers which kill off price action but who knows probably the sellers would take a break and we can see some HitBTC-like action.....

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Its a total error the real price at the moment is about 1.75 which sucks :( lol


Technically speaking, its not an error, its the price at that exchange, its not what on other exchanges so everyone is acting up but that's the price at HitBTC, it also shows how 1 trader can easily influence an entire market, that 54.5 BTC sent that market into a frenzy... Since CoinMarketCap put the Price/Volume as an Outlier, its isn't reflective in the average pricing that CoinMarketCap give thus you see the big negative of the day, also makes another case of how data feeds from CoinMarketCap also influence prices... when it was at 14.50 it was part of the calculation hence the reason why folks were seeing it as a pump but since they now classify it as a Outlier it isn't reflective in the calculation, hence the big drop in the average pricing.... I wouldn't get to excited about these prices it just shows how 1 trader can influence the price an inflate marketcap of a coin, I suspect this is across most coins, so I don't see why folks would call it sketchy....We are unlikely to see those kind of prices for Steem or SBD on Bittrex or Upbit, probably Upbit on a crazy night but the main problem with Steem across exchanges is the constant selling pressure and the volume of selling whenever prices in BTC rises, i suspect this is part of the inflationary game and there isn't enough buyers for Steem to sustain a high BTC value, so its highly unlikely to see 0.020 BTC for Steem, putting all things aside, quite a few folks here are just bullshiting and pulling the fool with others, whenever Steem pumps they are the first to the exist and then they complain about the low prices, that's the game with a lot of witnesses, just bullshitting post getting a big payout and rinse and repeat....I kind of see the pattern with them here, few are true holders, I hope we see those kind of prices one day but that would mean there is significantly more Steem buyers than sellers, all the other games and initiative to boost value of the ecosystem are

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