A maintenance delay in the leading Bitcoin trading platform and the auctioning off about $19 mln worth of Silk-Road-related Bitcoins in Australia could have been responsible for the drop in the price of Bitcoin on Monday and Tuesday.
From a range of as high as $760 over the weekend, the currency dropped to $698 on Monday.
Several Bitcoin traders lost some of their investments as they couldn’t close their deals, while others question the need to sell what they have at this point in time. Bitfinex maintenance delay
Despite the fact that Bitfinex just had a scheduled maintenance which lasted for approximately one hour on June 17, trading on the website was paused on Monday June 20 at about 21:35 UTC.
Update – Working on recovering from an internal network issue.
Jun 20, 22:19 UTC
Identified – Trading has been paused while we investigate an infrastructure issue impacting the trading engine. The issue does not involve funds or system security. We will resume normal operations as soon as possible.
Jun 20, 21:35 UTC
Investigating – We are experiencing platform issues. We are investigating and will resume normal operations as soon as possible.
Jun 20, 21:11 UTC
According to coinmarketcap.com which compiles Crypto-Currency Market Capitalizations, Bitfinex is the largest Bitcoin trading platform with a grip on 20% of the market while the remainder 80% of the market is controlled by 85 other platforms. Poloniex is the closest to Bitfinex with 9.17%. Seventy others have less than 1% market share each. Bitfinex’ high volume has a stabilising effect on the market.So when a pause button is pushed on a platform like Bitfinex, the market is bound to feel its impact. The impact is still likely to extend into Tuesday June 21 considering that after resumption earlier in the day, the company has had […]
