Why is the blockchain STEEM price at 81 cents?

in #steem • 6 years ago

Genuine question here: why is the blockchain STEEM price at 81 cents?

I know it's a 3.5-day median, so has sometimes appeared to stand still as the market price has oscillated.

However, during the last four days, the CoinMarketCap price has been in a range of 85-94 cents. I am also aware that CMC's naive averaging is not always accurate. However, Binance is currently showing a consistent average of 92 cents whereas Poloniex and Bittrex are down at about 82 cents.

Witness price feeds at the moment seem to lean more towards the lower price than the Binance one. Steembottracker is showing a STEEM price of 88 cents (the CMC price), yet SteemPlus is showing 82 cents.

Putting everything together, I'm still not sure why the blockchain STEEM price appears to be so low.

There may not be an issue here, but would be good to have any feedback from witnesses that their price feeds are working as intended. Are the prices skewed towards Bittrex/Poloniex rather than Binance? Indeed, why is there a 10% differences in price between those exchanges?

Questions, questions...

Thanks!

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6 years ago in #steem by
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     6 years ago 

    I'm going to take a guess at this being due to the fact that Binance has still not opened up Deposit/Withdrawals from the STEEM Wallet since HF20. Since no new STEEM are moving to/from that exchange it should be thrown out of consideration for the average.

    That's just a guess though. If the Binance wallet was open and we were seeing that type of price difference, people would be rushing in to arbitrage that mess.

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     6 years ago (edited)

    Ah, thanks! I looked at the Binance trading page but didn't know it has locked wallets for STEEM.

    What I've been doing is taking the average of the median 4 or 5 prices - just on a daily basis, not for trading.

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     6 years ago 

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         6 years ago 

        I've been wondering why too. Haha. I was getting used to trading between the two, but now I just sell all of my SBD for Steem because the price is so low. It will stablize soon. Best wishes rycharde!

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