Bitfinex's banking challenges seem to be slowly fading into the background.
As the exchange makes progress toward providing customers with the ability to make deposits and withdrawals, the spread between bitcoin prices on its order books and the various international exchanges has been on the decline.
But while spreads were similar on the aforementioned exchanges, they varied quite a bit on other marketplaces. The price of bitcoin was very similar on Bitfinex and Poloniex, but it was roughly $30 lower on Kraken.
In a few instances, spreads were far higher, reaching approximately $80 on OKCoin and surpassing $100 on BTC-e.
Jacob Eliosoff, a cryptocurrency fund manager, spoke to the situation, affirming that it's largely due to continued withdrawal limitations at China-based exchanges, though he noted others like BTC-e are still lower due to banking issues.
Still, compared to other exchanges, Bitfinex is showing signs its easing former concerns about its stability and solvency.
Further, it continued to struggle with additional setbacks, announcing 20th April that it was encountering delays affecting its wire transfers.
But Bitfinex appears to be taking a proactive approach to addressing these challenges, announcing 12th May that "other channels have been slowly ramping up" in an effort to provide customers with greater ability to make deposits and withdrawals.
Nuts and bolts image via Shutterstock
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.