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Crypto.IQ Daily Radio Show May 3: Bitcoin (BTC) Rallies As High As $5,800 This Morning, Bitfinex Arbitrage Pulling Market Upwards, Bitcoin (BTC) Mining Hash Rate Rising Back To All-Time Highs
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On this edition of the Crypto.IQ Daily Radio Show we do a deep dive market analysis. Bitcoin (BTC) rallied as high as $5,800 this morning before hitting resistance, and is currently trading around $5,700. The panic surrounding the New York Attorney General’s Office lawsuit against Bitfinex has caused the Bitcoin (BTC) price on Bitfinex to be $300-$400 above the global average spot price. Simultaneously, fiat and crypto withdrawals on Bitfinex are working as normal, so the inflated price on Bitfinex is an arbitrage opportunity that is probably pulling the global spot price upwards. We discuss how Bitcoin’s (BTC) continued price surge has led to a return of Bitcoin (BTC) mining profitability, and the Bitcoin (BTC) mining hash rate is rising back to all-time highs. This is likely going to re-invigorate the crypto mining rig manufacturing industry. Hear about how Ethereum (ETH) proof of stake is coming in several months, and how this may led to an Ethereum (ETH) rally. Learn about MakerDAO’s stablecoin DAI, which has seen its stability fee increase to 19.5% in order to bring the DAI stablecoin up to parity. The stability fee is paid by those who issue DAI, and essentially when the stability fee rises DAI becomes more scarce.
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