These 10 crypto exchanges have a bitcoin price spread of $669

candlestickchartBig bitcoin price spread between exchanges

There’s a spread of $669 between the best and worst bitcoin prices quoted at some popular exchanges with western investors, presenting an arbitrage opportunity for traders.

For buyers, Coinbase is the place to be with a price of $6,877, as at 14:10 UTC on 30 August. Sellers will be headed over to LakeBTC where the premium on the Coinbase price is a whopping $669.

Old industry stalwart LakeBTC, which is based in Shanghai but serves a global clientele with an historically relatively large footprint in the UK, is asking for $7,546 for one bitcoin.

A relative minnow, with bitcoin dollar trading 24-hour volumes of $7.8 million, compared to, say, GDAX’s 54 million in volume, there is no obvious explanation for its anomalous pricing. Some LakeBTC customers have complained about slow withdrawal times according to reviews at cryptocompare but that was months ago.

Bitcoin may well change hands in over-the-counter deals at a premium in China because of the exchange and ICO bans there and it may be influencing the quoted price in some way.

There are those who suspect that the crypto still flushing around China is indirectly finding its way into exchanges, even if those exchanges don’t operate in the country although they are based there. Chinese investors can use VPN to get round restrictions on accessing foreign crypto websites.

Coinfloor the UK’s largest fiat/crypto exchange is nearly $500 behind in our league table and Coinbase at number 10 to provide our base quote of $6,877. The wide ask-bid spread at Coinfloor leaves plenty of room to trade to “get the spread”.

Bitcoin prices ($) at 10 exchanges, 30 August 2018, 14:02 UTC

Exchange Ask Price Bid Price
LAKEBTC 7,546 7,534
COINFLOOR 7,092 6,679
YOBIT 7,048 7,008
GATECOIN 6,920 6,867
BITFINEX 6,888 6,888
BITTREX 6,887 6,886
BITMEX 6,885 6,884
BITSTAMP 6,882 6,879
KRAKEN 6,880 6,880
COINBASE 6,877 6,877

 

There is a spread of $669 in bitcoin prices between these exchanges

There is a spread of $669 in bitcoin prices between these exchanges

 

About the Author

Gary McFarlane
Gary has been writing about cryptocurrencies since 2013 and currently works as the cryptocurrency analyst at interactive investor, the UK's second-largest online investment platform. Gary contributes for Coin Intelligence News in a personal capacity and none of his commentary should be considered investment advice. Gary is the winner of the ADVFN International Financial Awards 2018 Cryptocurrency Writer of the Year. Contact Gary on twitter at: @gary_mcfarlane

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