With Bitcoin trading soaring after the most popular and widely known cryptocurrency saw a huge rise in price at 35% of its value, many exchanges were feeling the strain of the added traffic.
One such exchange that buckled under the pressure was Deribit. The Netherlands based exchange that is a futures and options exchange crashed under the strain. They reported a $2,400,000,000 24 hour volume but it seems this amount was too much as their website crashed.
They sent out a
tweet during this rush for trading saying, “We are experiencing down time. Please check our Telegram Notification channel for the latest updates:” A little later the exchange posted again on Twitter, “Trading resumed at 05:38 UTC. Sorry for the disturbance.”
It was not just Deribit who couldn’t take the large rise in trading volume, other exchanges also buckled. FTX, a derivatives exchange was forced to partake in a roll back on funding payments, trades and liquidations were turned off and then back on. A
statement to their customers explained the issue, it said:
“The cause of the issues was a data processing issue within the backstop liquidation engine which, in extreme circumstances, lead to it sending the same liquidation order too many times. We’ve identified and fixed that error, and rolled back all of the erroneous liquidations.
Our sincere apologies for what happened and if you have any questions regarding your positions or balances as of 00:41:00 UTC, please send an email to
[email protected].”
OkEx shows the wayHowever, one exchange that was prepared and built to last was OkEx. The derivative exchange which is one of the biggest in the world continued their success and reliability which has been a focal characteristic since their birth almost two years ago.
So pleased were they with their efforts to keep the ship afloat, they posted on twitter heralding their developers and giving them a much deserved pat on the back for updating and keeping their futures servers up to date. The
tweet read:
“Be ready before the storm strikes! Thanks to the continuous upgrades, our #futures system has remained extremely stable in handling the sudden large amount of transactions.”
Alongside the post was an image illustrating the astronomical rise in trading. The company reported on Twitter that they had seen billions of Bitcoin change hands. Their follow up tweet gave the official statistics for the past 24 hours:
“The total trading volume at @OKEx exceeded $12.9B in the last 24 hr.”
Amazing stuff. Although it is a pity that many traders may have lost out on money or opportunities due to lack of diligence and ability from certain exchanges. Choosing your exchange is incredibly important as the past day or so has shown.
Clearly it is best to go with a trusted and up to scratch exchange that will not let you down at the crucial moment. OkEx has shown that they are the exchange to be relied upon, hopefully people will take head of this moment in the future.
Source of article: https://www.coincronica.de/okex-shows-the-way-for-derivative-exchanges-with-stability-as-bitcoin-trading-increases/
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Topic: OkEx Shows way for Derivative Exchanges with Stability as BTC Trading Increases (Read 4104 times)