A lot of things have happened in the Bitcoin world this year. Bitfinex has suddenly become the largest Bitcoin exchange by trading volume. Moreover, they left the US market, which was a pretty remarkable decision.It now seems the company has introduced a new Euro trading market for Bitcoin. That is a positive sign, although it remains to be seen if USD wires will be re-opened as well.
The plot thickens when it comes to the Bitfinex exchange. More specifically, their addition of EUR trading is rather remarkable. Considering how Europe is a very quiet market for cryptocurrencies, this new addition may kickstart things. So far, Kraken and Bitstamp are the two biggest exchanges when it comes to Euro trading. Neither of these companies sees any spectacular volume, though. More competition is direly needed and Bitfinex aims to provide it. It will be an interesting venture to keep an eye on over the next few months.
Bitfinex Expands to Europe
It is unclear if this EUR option will come to other markets as well. More specifically, we need EUR markets for other major currencies as well. For now, it will only be related to Bitcoin, but things are always subject to change when it comes to exchanges. This also allows the company to once again accept “real” money from users directly after they shut down their USD wires not too long ago. How this will play out given all of the recent Tether issues, remains to be determined.
Speaking of USD wires, rumor has it Bitfinex may resume that service pretty soon. It is unclear if this is actually the plan, though. There’s a fair amount of wishful thinking when it comes to Bitfinex and fiat currency trading. People would love to see an option to get their US Dollars out of the exchange once again. For now, there is still no direct method of doing that. Rest assured people will try to stress test this new withdrawal option in the coming days, though.
All of this goes to show Bitfinex will not go away anytime soon. At the same time, there are still a lot of concerns over this platform right now. Liquidity remains a pressing matter, although it seems everything adds up so far. The Tether issues may come back to haunt the company in the end, though. A lot of people will attempt to get their money out of Bitfinex in the coming days. Whether or not the company can handle all of those requests, remains to be seen. Either way, the EUR market addition is pretty significant.