Bitfinex breakdown without affecting crypto prices

By
Tokeneo
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1 min reading

The Bitfinex cryptocurrency exchange recorded a 5-hour break in operation on Wednesday. Prices of cryptocurrencies didn't change.

bitfinex

The Bitfinex cryptocurrency exchange recorded a 5-hour break in operation on Wednesday. The trading platform was unavailable for most of the afternoon trading session in North America and the morning trading session in Asia.

Bitfinex CEO Paolo Ardoino informed on Twitter that several clients noticed inaccuracies in their stock accounts and incorrect display of the value of their wallets. Ardoino admitted that, for fear of the security of the trading company's clients' data and money, the trading company was suspended for the duration of the investigation. According to Coinmarketcap, Bitfinex is the sixth largest stock exchange in terms of volume. Due to the platform's exclusion, the exchange's trading volume decreased by 32%.


Another breakdown of Bitfinex

This is not the first time the Bitfinex platform has been disabled. In February 2019, the exchange stopped operating for two hours during a market boom, which caused anger among users who wanted to benefit from price increases. Since March this year, exchange has not had a very good run-in. Since the black Thursday in March, 66.6% of Bitfinex's total bitcoin resources have flown out, which translates into 126,845 BTC .

The shutdown of the Bitfinex platform this time had no impact on cryptocurrencies prices. During the five-hour break, the price of bitcoin fell by about 0.42%. For comparison, during the previous 24 hours, BTC recorded a 2.38% increase. Ether increased by 1.3% during the break and by 4% during the previous 24 hours. Currently, the price of bitcoin is about $11,628, while ether is about $393. The increased interest of DeFi also translates into an increase in ETH value. The total revenues of ETH miners increased by 1400% this quarter, and for the first time they overtook BTC.