BTC, ETH, XRP, SOL: Is Bitcoin in a big bear market?

[@charlesmiller6281]

For those who may not know, bitcoin trades 24/7/365 on many different exchanges in many different currencies all over the world. There is no one central point of trading value. Many years ago price could vary widely among exchanges. Then traders learned to arbitrage these differences, buying BTC on the low price exchange, selling on the high price exchange. Now arbitrage works to keep price very consistent over the medium to long term. Very short term however, minutes to hours, trading can cause price to spike wildly on any given exchange. That's what Lara is talking about seeing here.

[@PureElliottWave]

Thank you very much. I'll add, just because there are differences between data sources, does not mean that a data source which is different to the one you (being any person) is using, does not mean it's wrong. They're all right.

[@BenjaminTang-nq2mg]

Very helpful to know. Thank you!

[@charlesmiller6281]

@@PureElliottWave Exactly. They aren't glitches or erroneous, bitcoin actually traded at these prices. This also happens with things like thinly traded mining stocks. Typically what happens, price drops for some random reason and someone places a sell order "at the market" which means sell it no matter what. As opposed to a limit order that means sell it but not for less than x. When this happens in a thinly traded market there might not be a buyer. The order went "no bid". Or there might be a buyer who set a "stink bid", ie a limit order set way below market. Doesn't happen often. But I have seen it at least a dozen times over the years. Usually just like this, it appears in one data set but not another. Fun to watch especially when you hold your bitcoin off exchange on your hardware wallet of choice.

[@samuelrobinson2068]

Thank you

[@Lee-mw4mb]

Thank you Lara 🌹🌹🌹🌹🌹

[@PureElliottWave]

🌺

[@jaimym]

Thanks!

[@andyg4546]

Thankyou Lara xrp finally broke 50.79 ! It will be interesting now to see if there is any life in this coin that never really seems to meet expectations!

[@XRPSwan]

XRP litigation killed the price action, it is too much of a threat to CBDC's which I think are intended for inter-Central Bank daily reconciliations. SWIFT/Central Banks are likely to use something close to XRP/XLM code imo

[@I3lazedOne]

I heard murmurs saying the xrp we buy isn't the same xrp the banks buy. That XRP will be the one to see all the gains. Is this even true?

[@XRPSwan]

@@I3lazedOne It could be. Whats to stop the banks to have their own network? Plus keep the price at $1

[@pawsjo1713]

❤❤❤

[@rahagameg-iy5st]

Can you enlighten me on the project What is its utility?

[@PureElliottWave]

I'm really not sure what you're referring to. what project?

[@ostberg2493]

Thanks! Did you change the data from Yahoo finance to something else?

[@PureElliottWave]

the old data is Yahoo Finance, newer data is a direct feed from CryptoCompare