Popular US based crypto exchange Bittrex has announced major changes in its policy. In a mail sent out to users on the 25th of November, 2017, the exchange announced that effective from the date of mail receipt, they would remove all “stale” orders older than 28days to free up their clogged order books.
They also announced that over the next two weeks, they would increase the minimum allowable trade value for orders from the current 50,000 Satoshi to 100,000 Satoshi.
Other changes announced in their mail include the creation of minimum tick sizes which is aimed at having trade sizes that are at least near 0.1% of the current prize e.g. If ETH trades at 0.0577BTC, trades can only be created at 0.0576 or 0.0578BTC.
The announcement was concluded with a “general statement about market manipulation tactics” in which reiterated their stand against market manipulation and pump groups with a resolve to terminate accounts involved in this act and notification of relevant authorities.
Below is a copy of the mail sent out by sent out by Bittrex CEO Bill Shihara
This email is to communicate policy changes for placing orders on Bittrex. As you know, Bittrex is committed to providing fair and efficient price discovery and these changes are designed to improve the overall trading experience on our markets.
Removing stale orders: Effective today, Bittrex will be removing orders that are older than 28 days. As we’ve communicated in the past, many of these orders have no reasonable expectation of being filled and clog the order books.
Raising the minimum trade size: Within the next 2 weeks, the minimum allowable trade value for orders will go from 50,000 Satoshi to 100,000 Satoshi. We will also require a minimum trade quantity on a per market basis.
Creating minimum tick sizes: Within the next 2 weeks, on a per market basis, we 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.
A general statement about market manipulation tactics: Bittrex actively discourages any type of market manipulation, including pump groups. Consistent with our terms of service, we will suspend and close any accounts engaging in this type of activity and notify the appropriate authorities.
For more details around these policy changes, see this article. https://support.bittrex.com/hc/en-us/articles/115003004171
Chief Executive Officer