As everyone knows Bitfinex were experiencing fiat withdrawal delays due to ongoing issues with their banking partners. We have been monitoring the situation and their recent annoucement, as pictured, has forced our hand to temporarily remove them from our calculations.

For those who may not understand why this is an issue, there are still trades executing right? It comes down to the reason the trades are occuring. It could be argued (and is very likely), that a large portion of the trades are people converting USD to Bitcoin simply to reduce their exposure on the exchange, as currently this is the only way to remove funds. In turn this pushes the price up higher than other exchanges (at the time of writing this around $60), and we no longer believe this is a fair representation of the market price.

As always we will continue to monitor and reintroduce the exchange when their issues are resolved. The change will be effective in the coming hours.

~BitcoinAverage Team

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