Is Binance manipulating the Steem price?

in #steemlast year

It really looks like it..

Here is the Steem/BTC price on Tradingview:


And here is the Steem/BTC price on Binance:


There are differences of at least 150 up to 500 sats.. since days..

Also Binance is trading something, they do not have!
They have powered up all liquid steem, so what are you buying?

Now they try to push down the price on their centralized exchange to buy cheap liquid steem, to either counter their liquidity problem, to get even more influence on our chain, or simply both.

Over and Out


I'm not sure, but as you can't withdraw STEEM from Binance, there is no possibility of arbitrage between Binance and the other platforms, which allows this kind of differences.
Once they enable withdrawals again, it will allow people to buy on Binance and sell on other exchanges, bringing the difference to zero.

It's not really that they're manipulating the price, it's just that nobody wants to buy STEEM they can not withdraw or power-up or do anything with in fact. So bear in mind that once Binance allows withdrawals again, price will go up on Binance (as people will buy for arbitrage) and go down on other exchanges (as people will sell what they bought on Binance a few minutes earlier). I don't really think they're manipulating the price, but I'm sure they will be the ones making the most of the arbitrage opportunity as they will be the ones to know exactly when the withdrawals are possible again.

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