{"id":14174,"date":"2023-11-22T20:23:56","date_gmt":"2023-11-22T20:23:56","guid":{"rendered":"https:\/\/cryptoheretostay.com\/?p=14174"},"modified":"2023-11-22T20:23:58","modified_gmt":"2023-11-22T20:23:58","slug":"imminent-bittrex-global-closure-triggers-10k-bitcoin-premium-on-platform","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=14174","title":{"rendered":"Imminent Bittrex Global closure triggers $10k Bitcoin premium on platform"},"content":{"rendered":"<script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script>\n<p>Bittrex Global\u2019s imminent closure has led to Bitcoin (BTC) trading at a substantial premium exceeding $10,000, data from its website shows.<\/p>\n<p>The exchange\u2019s BTC\/US Dollar pair surged to $46,300 before retracing to $44,613 as of press time, significantly surpassing the current average price of $36,450 on major platforms like Binance and Coinbase.<\/p>\n<p>Data from Tradingview further shows that BTC trades on Bittrex Global had slightly diverged all year but have become more prominent during the past day.<\/p>\n<p>Bitcoin Price on Bittrex Global and Coinbase (Source: Tradingview)<\/p>\n<p>This premium trend extends to its Ethereum (ETH) pairing with the U.S. Dollar. The ETH\/USD pair on Bittrex Global trades for over $2,400, notably higher than the $2,038 rate on other exchanges.<\/p>\n<p>Interestingly, these asset pairings with stablecoins like USDT don\u2019t reflect this premium and are trading at regular prices.<\/p>\n<p>Data shows that the firm\u2019s BTC\/USD and ETH\/USD trading pairs recorded around $4 million worth of trades during the past day.<\/p>\n<h2>What is causing the premium trades?<\/h2>\n<p>This premium pricing on Bittrex Global may indicate users\u2019 attempts to shift their assets into the leading digital assets for withdrawal, as the exchange already informed users of the discontinuation of U.S. dollar payouts.<\/p>\n<p>Instead, users have been advised to convert their holdings to cryptocurrencies or Euros before initiating withdrawals.<\/p>\n<p>The premium might also suggest that market makers are leaving the platform due to its impending closure. This departure of market makers could result in reduced liquidity within the exchange\u2019s order book, leading to a shallow market depth susceptible to significant influence by large trades conducted on the platform.<\/p>\n<p>Over the past year, Bittrex has considerably struggled due to regulatory challenges and low trading volumes. The firm halted its\u00a0American operations around April and subsequently filed for bankruptcy\u00a0in the U.S. in May.<\/p>\n<p>Additionally, the company reached a $24 million settlement with the U.S. securities regulators in August.<\/p>\n<p>Bittrex Global has yet to respond to <em>CryptoSlate\u2019s<\/em> request for comment as of press time.<\/p>\n<p><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/cryptoslate.com\/imminent-bittrex-global-closure-triggers-10k-bitcoin-premium-on-platform\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bittrex Global\u2019s imminent closure has led to Bitcoin (BTC) trading at a substantial premium exceeding $10,000, data from its website shows. The exchange\u2019s BTC\/US Dollar pair surged to $46,300 before retracing to $44,613 as of press time, significantly surpassing the current average price of $36,450 on major platforms like Binance and Coinbase. Data from Tradingview [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":14175,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[3],"tags":[],"class_list":["post-14174","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ethereum-news"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/14174","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=14174"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/14174\/revisions"}],"predecessor-version":[{"id":14176,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/14174\/revisions\/14176"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/14175"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=14174"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=14174"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=14174"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}