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Amid all mixed bag of cryptocurrency news, pricing disparities at different exchanges offer to lure arbitrage opportunities to exploit. As the potential yields may vary from exchange to exchange, Bitcoin and its peer group and counterparts have tumbled off dramatically since the beginning of this year, the last week’s bullish momentum has absolutely shrunk away.
Well, the triangular trading options could fetch us a handsome sum of returns, the following instances would bring-in such opportunities owing to the pricing differences.
BTCUSD at Bitfinex and BTCUSD at Coinbase:
Please be noted that the BTC pricing against the dollar at the same two different exchanges, BTCUSD at Bitfinex and BTCUSD at Coinbase. There exists a disparity in their respective prices $3,680 at Bitfinex and $3,557 at Coinbase. Thereby, buying Bitcoin on the Coinbase exchange with USD and transferring the bitcoin and converting it back into USD on Bitfinex likely to derive a profit of just over 3.5%.
XRPUSD at Bitfinex and XRPUSD at Kraken:
As you could observe the XRP pricing against the dollar at two different exchanges, namely, XRPUSDat Bitfinex and XRPUSD at Coinbase. Please be noted that the existence of a disparity in their respective prices 0.30700 at Bitfinex and 0.29785 at Kraken. Thereby, buying XRP on the Kraken exchange with USD and transferring the same and translating it back into USD on Bitfinex allows us to derive considerable returns, Likewise, ETH also renders similar results.
Same has been the case with ETHUSD at Bitfinex and ETHUSD at Coinbase:
ETHUSD on Bitfinex and ETHUSD on Coinbase is at $123.34 and $118.73 respectively. Thus, procuring Ethereum on the Coinbase exchange using USD and transferring the same and converting it back to USD on Bitfinex would lead to a profit of just over 3.88%.
Currency Strength Index: FxWirePro's hourly BTC spot index is inching towards -116 levels (which is bearish), and hourly USD spot index has bearish index is creeping at 38 (mildly bullish) while articulating (at 12:57 GMT).
For more details on the index, please refer below weblink: http://www.fxwirepro.com/currencyindex
