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Bitcoin Trades Over $1000 On BTC China Exchange And Crashes 30% … Then Rebounds

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Zero Hedge
November 19, 2013

Update: following the 30% drop to under $600 in seconds, BTC promptly rebounded to $800 in a few more seconds, as the entire BTC market is now just an algo arena.

Bitcoin Trades Over $1000 On BTC China Exchange And Crashes 30% ... Then Rebounds BTC%20rebound 0

* * *

Putting to rest fears that today’s Senatorial hearing on digital currencies would crater Bitcoin (if in the immediate term), moments ago the digital currency priced in USD on the Mt Gox exchange, rose to yet another unpredecented price, hitting $850 moments ago, or about 50% higher than where it was this morning.

Bitcoin Trades Over $1000 On BTC China Exchange And Crashes 30% ... Then Rebounds BTC%2011.18%20USD 0

But you ain’t seen nothing yet.

Because at the same time, the Renminbi-denominated price of Bitcoin on BTC China, has the digital currency at 6780CNY. At a USDCNY exchange rate of 6.09, this means a price over $1100 per Bitcoin.

  • A d v e r t i s e m e n t

Bitcoin Trades Over $1000 On BTC China Exchange And Crashes 30% ... Then Rebounds BTC%20China 0 0

And as the two day chart shows, somehow while Bitcoin rose 50% in 2 days, it has doubled on the Chinese exchange.

Bitcoin Trades Over $1000 On BTC China Exchange And Crashes 30% ... Then Rebounds BTC%20China%202%20day 0

Naturally, at this point we would suggest picking up the 20%+ free arb, however it is unclear how one can short the CNY priced leg of the transaction, or if for that matter, there is even an actual, liquid market in the currency.

And as if to prove BTC just head us, as the final chart shows, taken literally moments before we were going to post this article, BitCoin touched $900 on Mt Gox… and promptly tanked to just under $600, entering a bear market in the span of seconds on what appears to be about 10,000 trades.

Bitcoin Trades Over $1000 On BTC China Exchange And Crashes 30% ... Then Rebounds BTC%2011.18%20USD%202 0

And a better chart of the tumble which sent BTC lower by 33% from $900 to $600 in seconds:

Bitcoin Trades Over $1000 On BTC China Exchange And Crashes 30% ... Then Rebounds BTC%20drop 0

This article was posted: Tuesday, November 19, 2013 at 6:14 am





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