The current Bitcoin price is not looking too healthy. Immediate changes are not to be expected at this time. On the WEX trading platform, the value per BTC briefly spiked to $9,000. A very unusual turn of events, especially because the global average is hovering near $6,200.
WEX Bitcoin Price Makes No Sense
People were hugely surprised when WEX portrayed the Bitcoin price at $8,999 last night. Given the current market conditions, that makes no sense whatsoever. Even though the value corrected itself, WEX kept trading at a price of roughly $8,000 for a while. That is a hefty premium over the regular global Bitcoin value these days. Most cryptocurrency enthusiasts are not too amused by this development.
Things only got more confusing when other markets saw similar momentum. WEX portrayed the USDT/USD ratio as hitting $1.30. A very hefty price for a coin pegged to the US dollar at a 1:1 ratio. All of this trading momentum leaves people wondering what is going on with this platform. Rumors regarding WEX pulling an exit scam have already begun surfacing as a result.
One has to keep in mind WEX is the former BTC-e exchange. That trading platform has an unsavory history when it comes to Bitcoin and other cryptocurrencies. Another explanation is how the new platform has illiquid USD markets. As such, hefty price pumps can occur with very little trading volume. Until WEX offers an official explanation, rumors will continue to circulate among cryptocurrency enthusiasts.
Bitcoin Price Downtrend Continues
Despite the odd trading behavior by WEX, the Bitcoin price hasn’t seen any positive momentum. Over the past few days, its value has continued to decline. The world’s leading cryptocurrency currently faces a 7.48 percent setback over the past week. Other currencies have lost as much as 25% or more.
Reversing this negative price pressure will prove very difficult. None of the recent developments warrant an extremely bullish outlook. Some experts still expect Bitcoin to hit $20,000 or higher by the end of 2020. That outlook seems less and less feasible as more time progresses. Such a lengthy dip is nothing new for the world’s leading cryptocurrency either. A correction was direly needed after the crazy end to 2017.
From a short-term perspective, there is no immediate change to look forward to. When looking at the bigger picture, the situation can change in favor of cryptocurrencies. New regulatory efforts pave the way for a healthier ecosystem. There are also some technical developments coming Bitcoin’s way as well to maybe shake things up a bit.
What do you think about Bitcoin hitting $9,000 on WEX? Let us know in the comments below.
Images courtesy of Shutterstock.
