HitBTC traders take another bite at Steem Back Dollars (SBD) as Bitcoin plunge under 7000.00 USD. Demand vs Supply play out as some 1400 SBD is lock in wallets. SBD jump an impressive 125% and currently trades at 0.0058 satoshi or roughly 45 dollars. There was another big buyer bidding 37 BTC putting up an impressive buy wall at 0.00301 satoshi that sent the market into a frenzy. The volumes has been healthy given market condition with 350,651.00 USD exchanging hand. Charts and market depth are also building up with another 6 BTC in current bidding taking with 1274 SBD at play.
For full disclosure, I have position open currently on HitBTC, with a sell at 0.008 and looking to take a bite again at again at 0.0030. I don't recommend trading in these conditions unless you are prepared to lose it all, its very volatile and if you are scared of taking a massive dips stay away. It is quite unfortunate there has been so much negative or fishy suggestion going around SBD trading on HitBTC but from what I have seen it just appears to be one over zealous trader with a few BTC to play with. Here is snapshot
The SBD/BTC market is exciting, one way of playing it, looking to see where the big money candle are and placing your trade right above, unless this trader or traders are looking at taking a loss, they won't sell under that level unless they are willing to take a loss. One of the success of this trader or group of traders, they have manage to attract the speculators and they are taking advantage of the fact no one can dump on them. Its really hard to say what exactly are their motives but I am just having some fun.
Overall the market volatility has gone up big time, Bitcoin has taken a beating, its surprising that on the day EOS went live the market manage to give up so much, I was expecting a rally but we got the opposite. I am even more bullish now on the overall market, we have to wait on the money candle to show up an we know when the tide is changing. Money candles are those large green candles, typically for BTC, ranges from 500 USD to 800 USD. We have to wait and see if we get one of those, everything else is taking a beating. Look for your favorite coins, if a name you like has gone down at bargain price, so is the time you come out with the shopping bag.