Ethereum Market Report: Dump Mars Bitfinex Entry

Vancouver Island, Canada 08:00 UTC

Ethereum

$ETHUSD sets new high $ 15.17

Price brief
Ether is up 7.13% on the day, 22.45% on the week and 449.41% on the month.

Price change
Day 7.13%
Week 22.45%
Month 449.41%
* data as of March 14 2016 courtesy @Gatecoin

Major currency pairs
Ethereum
Data March 14 2016 courtesy EthereumWisdom

@Bitfinex started their first day of trading $ETHUSD sub $14 – but after most of a day of trading rose to a high of $14.74. The volume leader Poloniex posted a more modest price of $14.18 with @KrakenFx splitting the difference at $14.30.

Don’t believe the ETH trolls
The current ether prices are substantially lower than the all time high of US$ 15.17 recorded on Kraken on Sunday March 13 2016. Poloniex.com trollbox users were forecasting price spikes of $20 to $49 per ether however these have yet to materialize. This is what Kraken’s one month chart looks like:

Kraken 30 day chart
Ethereum
Data March 14 2016 courtesy @KrakenFx

The Kraken 30 day chart shows the remarkable buy depth of ether. The entire month has seen steady price increases, some breathtaking. Traders are taking profit and the first ether dump has played out – but buyers still find attractive entry points to an ever upwards spiraling market.

Poloniex Depth
The Poloniex buy depth has always looked good until this week. This was the visual for March 13 2016 before the dump:

Ethereum
Data March 13 2016 courtesy @Poloniex

The Dump
“Beware the ides of March” is true again as a whale dumped ether early on March 14 2016 and triggered a massive selloff across all ether exchanges driving the price from its previous all-time high to a low of about 0.02885 in a matter of about 20 minutes:

Ethereum
Data as of early March 14 2016 courtesy @Poloniex

However it was also a good time to buy.

Several interesting factors entered into the play. The dump appeared to be massive enough to trigger margin calls, which evaporated some support through margin liquidation. Consequently stop limit triggers were set off which initiated more rounds of selling, and combined with panic selling by daytraders who didn’t preserve their position with stop limits, the price deflated to what
amounted to the first big ether dump and selloff in history.

All of this happened within the space of about 20 minutes and traders were licking their wounds. One trollbox user remarked on having 500 ether on margin liquidated. Ouch – that’s about $6500 worth of ether. They claimed they still had 1280 left.

How the dump looked @Gatecoin
Ethereum
Data March 14 2016 courtesy @Gatecoin

The one week chart on @gatecoin clearly delineates the sell-off. Remarkably enough the price rebounded from about 0.02885 back up to 0.0230 in under an hour. A stagger upwards ensued in which ether partially – but not wholly – recovered its lost price position to $ETHUSD 13.64 and higher on Poloniex.

Bitfinex enters
It was against this price dump backdrop that @Bitfinex entered the fray. While their Friday announcement of selling ether was responsible for setting a new ether high price of US$15.17 on Kraken, the dump marred their entry into ether March 14:

Bitfinex Bid
Ethereum

Bitfinex Ask
Ethereum
Data courtesy @Bitfinex

One Trollbox user dubbed the Bitfinex entry as “New Money Monday”. Others touted prices would rise to between US$20 to $49. The immediate truth was different. Based on the evidence there was a lot of new money on the buy order book. However buyers were wary, shrewd and wisely not prepared to buy at any price. Sellers began with inflated prices – almost unbelievable prices – but given the history of ether trading, nothing was beyond the realm of possibility.

As the day wore on $ETHUSD prices dropped: @Bitfinex $13.88 @KrakenFx $13.79 Poloniex $13.64 with all three exchanges settling to around $13.40 at the time of writing.

Chinese exchange trading $ETHCNY
One of the few advantages of reading Poloniex Trollbox quips was learning of a Chinese exchange which apparently offers ether in $ETHCNY:

Ethereum
Data courtesy chbtc.com

Related activity cost a troll an hour banned. You get the url without a ban:

https://trans.chbtc.com/eth

The price over 10 hours dropped from 90.26 to 89.63 yuan per ether.

Maker-taker fee schedule
Poloniex.com will be adopting a new maker-taker fee schedule beginning on March 20, 2016. Visit your trading tier status page to opt-in now. Details: https://poloniex.com/fees/

@Gatecoin prices
Gatecoin.com is a regulated, secure & trusted bitcoin and ether exchange. It is located offshore in the Special Administrative Region of Hong Kong, China – in the heart of the Chinese financial industry. Recent analysis shows @gatecoin with significant marketshare of the total ether market. Here are the lastest @gatecoin prices:

Ethereum
Data courtesy @KittyBitcoin

$ETHBTC last price
Get an instant mobile friendly ether last price: KittyBitcoin.com/ethereum/gatecoin-ethbtc.php

Poloniex moves to Cloudflare
Repeated DDOS attacks have induced Poloniex.com to move to Cloudflare. This is a pattern in larger crypto exchanges – including bitcoin exchanges – as they seek to find shelter from hackers. Cloud distributed networks (CDN) are playing an increasingly important role in securing crypto exchanges:

Ethereum
Image courtesy Cloudflare and Poloniex

Freebie Ethereum resources
Mobile users can enjoy a new ethereum launch pad offering straight no nonsense links to popular Ethereum destinations:

http://kittybitcoin.com/ethereum/
Screenshot courtesy @KittyBitcoin

Buy or sell ether
Ethereum

Interested in buying ether or bitcoin? Get it on @Gatecoin and earn US$10 when you deposit your first funds. Here is a direct link to the US$10 promotional offer:

https://gatecoin.com/register?referralCode=OVWBNZ

Summary
Ether is up 7.13% on the day, 22.45% on the week and 449.41% on the month. A dump drove prices lower. Bitfinex enters trading $ETHUSD & $ETHBTC. Prices slowly climbing higher although dropping at the time of writing.

Leave a Reply