Bitcoin prices on its biggest exchanges diverged wildly on Thursday in a session that sharply exposed the fragile trading infrastructure for the nascent cryptocurrency.
In one wild 20 minute period, the price of bitcoin soared $2,000 per coin to more than $19,000 only to drop to $15,000 on the Coinbase trading venue. The frenzied demand left other exchanges struggling to cope, and the difference in prices quoted on other venues for the same bitcoin asset was as much $4,000.
“People are looking at a video game as a regular market. And it’s clearly not, otherwise it wouldn’t be where it is already,” said Walter Zimmerman, technical analyst at ICAP TA. “It’s beyond abnormal, it’s unprecedented. Every other commodity has natural sellers.”
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