Steem price finally catching a bid - Possible arbitrage opportunity?

in steem •  15 days ago

The price of steem is finally catching a bid.

Steem has been in a pretty strong downtrend for weeks now, barely even coming up for air.

However, that all started to change last night, and even more so this morning.

After getting down near $1.18, prices have popped rather significantly in the last few hours, getting as high as $1.47.

Check out the price currently on coinmarketcap.com:

Prices are up something close to 20% in the last few hours.

Many of the exchanges are showing nice increases across the board.

Check out a list of the steem exchanges:

But wait, it possibly gets even better, especially if you live in South Korea.

Pay special attention to that exchange listed at the very bottom of the page...

Bithumb.

As you can see prices are trading significantly higher on that exchange than they are on every other exchange.

Currently going for $2.73!

If you were able to buy steem on another exchange for a lower price, transfer it into Bithumb, and then sell it for that higher price there could be a significant arbitrage opportunity to be had.

For everyone not based in South Korea, it may be a bit more difficult to pull off.

Doing a bit of research it seems it may be difficult for non South Korean users to transfer coins in and out of that exchange.

There are levels of identification that must be met in order to qualify for withdrawals it appears.

Are you feeling lucky?

If you are feeling like giving it a try, the link to their exchange can be found here:

https://www.bithumb.com/u1/US106

Their user guide can be found here:

http://bithumb.cafe/archives/6426?bsid=C170622_1&utm_source=inhousemkt&utm_medium=170622&utm_campaign=CAFE_guide

Let me know if you have any success.

Just remember that if do give it a try, make sure you test it with a small amount of money at first, just in case something unexpected happens and your money gets stuck.

There could be a very valuable opportunity here for those that take it though.

Stay informed my friends.

Follow me: @jrcornel

Authors get paid when people like you upvote their post.
If you enjoyed what you read here, create your account today and start earning FREE STEEM!
Sort Order:  

Glad to finally see some green steem. Was getting worried there lol

·

I had forgotten what green steem was. It has literally been months.

·
·

I had concluded that if it broke 20 I would be forced to buy more, and boy did it.

Bring back $4 steem

Heh. Wish I could sell in SoKo and turn around and buy in Blocktrades. Now that it is an arb opportunity!

·

Yes it is.

·
·

flagged due to inaccuracy of details

Withdrawals are disabled and you encourage deposits to bithumb

·
·
·

It was mentioned in the post that there may be issues getting your money in and out. I also mentioned that if you do try make sure to use a small amount of money in case your money gets stuck.

·
·
·
·

there is no problem getting in only out

you said

Doing a bit of research it seems it may be difficult for non South Korean users to transfer coins in and out of that exchange.

·
·
·
·
·

You do realize that you can still take advantage of an arbitrage opportunity even if you can't get the coin out right away, right? Just as an example, you could transfer steem in, sell it for KRW, and then use the KRW to buy bitcoin or some other major coin, then you transfer out when withdrawals are re-enabled.

·
·
·
·
·
·

the same could have been said with poloniex, been nearly 6 months and they still haven't restored

·
·
·
·
·
·
·

Just the steem wallet, we are talking about bitcoin wallets here in order to transfer out... completely different.

Loading...

Let’s hope the Koreans are a leading indicator for a STEEM price surge globally 💰🤑💰

·

I am thinking they will be. :)

Yes it’s nice seeing steem going up it’s been a bad year so far hopefully things are going to get better soon. Cheers mike

I love Korea

Well i read this... and it got me pumped.... then i read your last post before this one and it got me nervous. :D
Theres always a catch with these things. When SBD was mooning on HitBTC everyone (with not so much trading expirience) was trying to get in the game just to be sorely dissapointed when they found out theres a catch.

Did you maybe check how much it takes to get verified?

A good 20 cents margin for arbitrating.

@jrcornel. After falling close to $ 1.18, prices have appeared significantly in the last hours, reaching $ 1.47. I like very much to know this thanks friend @jrcornel

yes.it is good news for steemit user.it's big opportunity for all user of streemit it.thank you for uploading this informative post.

As steemit users, we always expect steem price to grow. It was enough dumping from last few weeks. Hope the uptrend will be continued. Thanks.

This is the way steem is the future

·

Sure hope so.

This certainly appears as a arb opportunity ! lool $2.73 is whooping :P :) - thank you for sharing !

·

Are you going to give the arbitrage a try?

This price difference is just not OK. Crypto should make the world more equal. This is one more example what happens when it is restricted.

·

Yea that is interesting how much of a difference it is, usually that doesn't last long.

I like your publication, it's interesting. Allow me to follow you ...

volume is fake

withdrawals to bithumb are suspended since the hack 19th June until further notice

@jrcornel
We can bet on steem as it has a potential to grow tremendously, today over 10% up and i think it has a potential to give 2x within month or two ? love to know your view also on this :) Wooh over 15% up today Screen Shot 2018-07-01 at 12.06.29 AM.png

·

Yea I mean depending on the market environment and what the steem team is able to deliver, I have always stated that $10 is not out of the question. It got pretty close early this year already.

Steem is the future...biggest community steem