Bitcoin’s fall might have highlighted an anomaly in its price

Bitcoin’s price saw a rising wave carrying the price of the coin close to the $10k resistance. However, the coin once again failed to hold on to it. The rising wave crashed as the coin soon fell by 4.40%, following which Bitcoin was soon dragged to the lows of $9,586.50. After several efforts to recover the price, Bitcoin was valued at $9,755.34, at press time.

Source: BTC/USD on TradingView

Although the price of the asset moved across all the exchanges, there was an anomaly noticed between the price of Bitcoin on BitMEX and Coinbase. According to the charts provided by Skew, at around 2.40 am, the price on the two exchanges differed by 1.17%.

Source: Skew

The price of Bitcoin on BitMEX at the given time was noted to be $9,776, while the price on Coinbase was $9,741.19. This was a difference of almost $35. However, this wasn’t the only incident where such a vast difference among exchanges was noted. Previously on 30 January, the basis difference between Coinbase and BitMEX increased by 1.92%, indicating a lower spot price on Coinbase, when compared to BitMEX.

Source: Skew

This was not only observed in the Bitcoin market, but also in Ethereum’s price. At the same time, the Ethereum price also reflected a variation in the asset’s value by 0.3%. The second-largest asset was valued at $268.40 on BitMEX, whereas Coinbase recorded a value of $268.27, a difference of mere $0.13. Previously a difference of 0.8% was noted on 19 February.

Source: Skew