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
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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