Categories: CryptoNews

ETH Price Goes Up Since Bitfinex Announcement

Most of the prominent bitcoin exchanges have been holding off on adding Ethereum, with Kraken being one of the very few exceptions. Bitfinex, a very popular Bitcoin exchange for USD traders, had recently stated they had no plans to add ETH to their platform. But it looks they turned back on their word and added it anyway. All of those exchange fees made by Kraken and Poloniex were too juicy to pass on it seems.

Also read: Gemini introduces Instant ACH deposit feature for quicker trading

ETH Volume Explodes Across The Board

While a good amount of digital currency community members might be questioning the ethical reasons behind the Bitfinex move, it has to be said this decision has given the ETH price a nudge in the upward direction. Ever since the news broke, the price has gone up by over 20%, surpassing the 0.03BTC mark once again.

Bitfinex explained the decision by mentioning how it is “hard to ignore the Ether trading volumes at other exchanges”. Every business in the digital currency world has to make money, and Bitfinex thought the time was right to add

Ether to their platform. However, the company did not shy away from mentioning how they believe “ether’s future as a store of value is quite uncertain”.

Although Bitfinex users can already start depositing Ether into their account balance, the

ETH trading will not go live until Monday, March 14, 2016. Ether will become tradeable against both Bitcoin and the US Dollar on the exchange, and traders will have access to shorting and margin trading in due course. Depending on how the community reacts – read: how much money Bitfinex makes from the ETH addition – those features could be implemented in less than a week.

Cryptocompare CEO Charles Edward Hayter weighed in on the price increase:

Related Post

“The markets are showing the hope in the future potential of the ethereum network and ecosystem. There is a growing sense that Ethereum can do what bitcoin does and there is a panic to clamber onto the bandwagon.”

Especially that last part of the statement could be kind of interesting. Bitfinex clambered onto the bandwagon after publicly noting there are no plans to add ETH to the exchange. However, they turned that decision around quickly when profit calculations were in their favor.

All in all, the ETH price has responded well to this announcement, although the current price increase is rather drastic. Traders need to remain vigilant and on their toes at all times, as some dangerous ETH bear and bull traps might be looming on the horizon.

Source: Bitfinex

Images credit 1,2

If you liked this article follow us on Twitter @themerklenews and make sure to subscribe to our newsletter to receive the latest bitcoin and altcoin price analysis and the latest cryptocurrency news.

JP Buntinx

JP Buntinx is a FinTech and Bitcoin enthusiast living in Belgium. His passion for finance and technology made him one of the world's leading freelance Bitcoin writers, and he aims to achieve the same level of respect in the FinTech sector.

Share
Published by
JP Buntinx

Recent Posts

Best Altcoins to Invest in Today: Qubetics Sets the Stage for Blockchain’s Future as Bitcoin Hits $108K and Litecoin Soars

The cryptocurrency world has always been a hotbed of innovation, attracting both seasoned investors and…

9 hours ago

Dogecoin Millionaire Predicts This Undervalued Altcoin Could Match DOGE’s 2021 Gains

Dogecoin's 2021 rally was a historic one, turning ordinary investors into overnight millionaires. This magnificent…

9 hours ago

Qubetics Presale Skyrockets to $7.5M as XRP and Arbitrum Lead Best Altcoins for Exponential Returns

The crypto market is always evolving, with big names like Bitcoin and Ethereum leading the…

10 hours ago

Over 300K Users Actively Mine Crypto On BlockDAG’s X1 Miner App While BNB Bulls Eye $3K; What’s XRP’s Price Target?

The crypto market is ablaze with excitement as altcoins like XRP and BNB make major…

10 hours ago

Best Crypto Presale To Buy Now: Rollblock Delivers For Holders With New License, Record Sign Ups and 7000+ Games

Rollblock is quickly becoming the best crypto presale to buy, delivering unmatched value for its…

14 hours ago

Polkadot And Uniswap Gearing For Post-Christmas Jump As Rollblock Raises $7.4 Million in Presale

While Rollblock's continues its crypto presale, with its value increasing regularly, Polkadot (DOT) and Uniswap…

14 hours ago