 | A little over a month ago Bricks were listed on MEXC, deposits were immediately available but they were turned off a short while later. This means that the only Bricks on MEXC are those that were originally deposited, and currently there is no way to get more Bricks on MEXC. This illiquid order book hasn't caused too much problems people just haven't been purchasing large amounts of Bricks on MEXC. Well Apparently someone or a group of people decided to purchase a ton of Bricks earlier today and the price spiked to $.80 before moving around and currently sitting at $.33 Normally when the price spikes on an exchange, traders would arbitrage and bring the price down to the general market price equal to other markets for that assets. In this case, they would buy bricks cheaper and add Bricks to MEXC to sell at a premium thus lowering the price to what it is on other markets. However because MEXC doesn't allow BRICK deposits there is no way to put more Bricks on MEXC to sell and bring the price back to market price. So even though Bricks are less than $.15 everywhere else, an illiquid orderbook with suspended deposits is preventing a natural correction of price, and anyone currently purchasing is purchasing at over 100% above market price. What type of lesson you should be learning from this? Maybe pay attention and do your due diligence before purchasing on an exchange even if it seems like you're getting a good deal and are buying the dip - or you might up buying at 2x-5x above market price due to an illiquid order book. [link] [comments] |
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