- On Tuesday at 12:13 UTC, the Crypto trading exchange engine BitMEX went down.
- However, all funds are safe and no liquidation was possible during the downtime.
- Some users have claimed that they might leave BitMEX for more operational platforms.
On Tuesday at 12:13 UTC, the Crypto trading exchange engine BitMEX went down. Moreover, dragged down the prices of Bitcoin along. In the time where users could access the trading platform, it experienced a sharp drop from $9,885.
The web front end and the API were inaccessible to traders at this time. An official announcement by the platform engine states that they have been facing some issues related to the trade engine. They updated this incident to be a major outage.
More to the Trade Engine Issue
Soon after the outage, the exchange released an official statement claiming the engine was down. However, all funds are safe and no liquidation was possible during the downtime. Once the trading platform is back online, there will be an initial cancel-only period. Some users reported that they were unable to log into their accounts. A few others reported that they could see the XBTUSD contracts on BitMEX going straight to zero.
Nowhere did they specify how long it would take to bring the exchange back online. Their teams only commented that the firm is investigating the issue. They further concluded that the platform will be up and running as soon as it is eradicated.
Since then, BitMEX came back online around 13:30 UTC. Around 13:40 UTC, another announcement followed on its Telegram channel that trading had been resumed.
Bitcoin Prices after BitMEX Went Down
Within a few minutes of the shutdown, Bitcoin prices fell by 2%. It is not sure at the moment if they will spiral any further. Data released by Datamish depicted graphs outline $11.4 million of long and $5.8 million of short contracts were liquidated on BitMEX, in the last 24 hours.
Downtime is unacceptable for traders, and this isn’t the first time BitMEX has faced this issue. On March 13th, it underwent a DDoS attack that rendered it offline for 25 minutes. Then the Bitcoin fell to 12-months low. However, this time we observe it to be stable. It has dropped less than 1% from its daily open.
These consistent abruptions are discouraging for users. Inaccessibility is not an option for users who have capital investments. Some users have claimed that they might leave BitMEX for more operational platforms.
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