BitMEX has problems again – Crypto currency market shows short-term upward trend
The crypto currency exchange BitMEX had to report technical problems again yesterday. BitMEX explained via Twitter that the stock market has problems related to the WebSocket. As a result, a zero credit balance may be displayed to the user of the platform. As already in August, the crypto currency market reacted positively to the failure of BitMEX. Altcoins such as IOTA, Tron and Ripple recorded price gains of over 5%.
Within two months this is the second failure of BitMEX. The WebSocket problem could be solved relatively quickly. However, by reconnecting to the WebSocket, users had problems over a longer period of time. Many users reported on Twitter about various restrictions such as not displaying orders, reducing liquidity or difficulties keeping the live data feed open.
We have been experiencing WebSocket issues. We have since resolved this issue and continue to monitor on our side. Please note that a disconnected WebSocket can potentially display a zero account balance and we ask users to be patient while their WebSocket reconnects.
– BitMEX (@BitMEXdotcom) October 8, 2018
Beginning in August, BitMEX was completely down for some time when a planned maintenance was performed and at the same time fell victim to a Distributed Denial of Service (DDoS) attack that prevented login and data retrieval. At that time, the Bitcoin course at the beginning of maintenance shot from 6,466 to 6,866 USD within 5 minutes. The Bitcoin price jumped by more than 7% almost immediately. Hunter Horsely, the CEO of Bitwise, then declared that the stalemate had triggered a widespread trade to buy the stalemate. BitMEX is currently probably the most popular margin exchange where leveraged positions with crypto currencies can be traded.
The “BitMEX effect”
In recent weeks, most crypto currencies have tended sideways. After the BitMEX problems became known, some crypto currencies increased by more than 5%. Bitcoin broke through the resistance of 6650 USD and recorded a rise of 1.3%. Currently Bitcoin has a price of $6,660 US Dollar.
In addition to Bitcoin, the Altcoins also recorded significant price increases of more than 5% as a result of the incident. At the time of writing, however, some of these increases had already been revised again. Ethereum is 229USD (+2.2%), XRP is 0.48 USD (+0%), IOTA is 0.59 USD (+2.8%) and EOS is 5.91 USD (+3.3%).
