When it comes to dealing with the BitMEX platform, a lot of users are rather dismayed. Yesterday’s sudden outage triggered a brief visual XBT/USD price drop to $0, prior to the trading engine going offline.
Centralized trading platforms often struggle to keep their service accessible at all times.
Whether it is a direct exchange or derivatives platform, things can go haywire when users least expect it.
In the case of BitMEX, the trading engine went offline yesterday evening for no apparent reason.
On the frontend, this made it appear as if the price of XBT/USD dropped to $0 in quick succession.
According to the company, the price crash didn’t actually affect the backend, nor should it have triggered any liquidations.
Whether that latter part is effectively true, will become more apparent in the next few days.
BitMEX is already facing a lot of backlash and legal trouble for its business practices.
Blackouts like these will do nothing to improve the company’s reputation, as it will more than likely have the opposite effect.
How all of this will affect the future of BitMEX, is a different matter altogether.
It is evident that the cryptocurrency industry still faces many issues, primarily due to centralized service providers.
Going in Circles About the Best Altcoins to Invest in This Week? Qubetics, Immutable X,…
A wallet, believed to be linked to Alameda Research, recently made significant moves involving $POL…
DWF Labs has ramped up its activity with GALA, depositing another 10 million tokens (worth…
Framework Ventures, a major early investor in Synthetix and the largest institutional holder of its…
Binance Labs, the investment arm of Binance, has finalized its transfer of 75 million GMT…
The cryptocurrency market is abuzz with key developments driving price movements and discussions. Here are…