Bittex is the most popular cryptocurrency exchange out there. The exchange is now pushing some updates regarding placing orders. They justify the changes for showing their ‘commitment’ to providing fair and efficient price discovery. They feel that these changes will improve overall trading experience on their markets. Effective today, Bittex will remove orders that are older than 28 days. Many orders have no reasonable expectation of being filled and clog the order books. So this is a good idea.
They have also raised the minimum trade size. The minimum trade size will go from 50,000 Satoshi to 100,000 Satoshi. We will also require a minimum trade quantity on a per market basis.
Bittrex will also be creating minimum ticket sizes. Within the next 2 weeks, on a per market basis, bittrex will be instituting minimum tick sizes that are based on the current price of the market. The target is to have minimum trade sizes that are near 0.1% of the current price. The current minimum tick size is 1 Satoshi. For example, Ethereum trades at 0.0577 Bitcoin. Bids and asks can only be placed in 0.0001 increments. So the next levels allowable levels on the order book will be 0.0576 and 0.0578.
Bittrex says it actively discourages any type of market manipulation. This is done chiefly by pump groups who make private calls among groups to pump & dump a coin.
November 28, 2017