Bitfinex Outage Causes Temporary 9% BTC/USD Price Plunge
Outage Causes Temporary DipBitfinex is a large fast growing global exchange, climbing the ranks to number three regarding raw trading volume this past week, and holding the largest USD trading volume, with 37% of all trades in USD taking place on their exchanges. While The Chinese market for cryptocurrencies in the wake of the CNY’s ongoing devaluation has grown to take nearly 90% of BTC trading, this market disruption from a temporary outage at USD-only exchange serves as a grim reminder of Bitcoin’s volatility, even in runs of growth. An amusing audio recording of Phil Potter making a statement about the fix was also released in the short run-up to putting Bitfinex back online:
“We’ve got kind of a hacky solution we’re implementing now … but at least things will work, we believe. I’m just apoplectic about the situation, but there’s very little we can do.”Panic at the outage may be attributed in part to the recent price crash of Ethereum, one of the Currencies recently added to the Bitfinex exchanges, in the wake of The DAO’s failure. This is an issue causing uncertainty in the range of Crypto marketplaces as the foundation’s devs struggle to find an effective, long-term solution, with voting on the soft fork to mitigate The DAO losses still being voted upon by mining pools. Expect prices to climb to or near their pre-outage levels in the next few days, with little additional growth as the markets cover from the subsequent uncertainty.
Charts Courtesy of Coinmarketcap.com, Bitcoin Wisdom The post Bitfinex Outage Causes Temporary 9% BTC/USD Price Plunge appeared first on Bitcoinist.net.