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Canadian Bitcoin Exchange Offering Bitcoin for Under $100

August 20, 2013 at 2:10 by BitcoinNews

A couple of commentators on the Bitcoin reddit forum pointed out that both Coinbase and were also trading bitcoin for over $100, though the leading Canadian exchange, Virtex, appeared to be lagging a bit behind, offering bitcoin for just only C$91. At current USD/CAD rates, bitcoin would be up to C$100 as well if it were to be equivalent to the exchanges offering bitcoin for US$103.

Coinbase is currently trading bitcoin around $102.91, but according to some bitcoin redditors, bitcoin could be sold for nearly $20 extra, as the Coinbase API seemed to briefly trade off of the Mt. Gox rates.

For eagle-eyed arbitrageur wannabes, the mishap had disappeared before it could be confirmed that anyone had actually taken advantage of it.

The prior post concerning speculation about the spike in bitcoin’s price at Mt. Gox today noted it may have been caused in part by US dollar liquidity concerns among Mt. Gox customers. This buying additionally may have created an extra bid at the other exchanges, as the other side of a potential arbitrage available for those willing to sell bitcoin for dollars at Mt. Gox.

It’s not clear whether arbitrage is occurring at all, however, as the price differential between exchanges has widened nearly a 20% difference.

Nonetheless, nearly a third of the posts today on the Bitcoin reddit forum concerned the ruling by the Ministry of Finance in Germany that bitcoin is a financial instrument, which could also be considered private money. This move was highly lauded in the Bitcoin community, so that is only potential source of strong bid for bitcoin early this week.

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