OKEx carried out a short upkeep yesterday at a time of nice volatility within the cryptocurrency market. The trade additionally just lately caught up with competitor BitMEX and have become the most effective Bitcoin futures buying and selling platform.
On March 12, OKEx announced that the platform could be unavailable for system upkeep from midnight UTC for about half an hour. Later that day, the inventory trade introduced that buying and selling exercise had resumed.
The upkeep occurred at a time of nice volatility within the cryptocurrency market, which was accompanied by unusually excessive volumes on cryptocurrency exchanges. Bitcoin (BTC) began March 12 at practically $ 8,000 and ended the day at about $ 5,300.
Bitcoin two-day chart. Supply: Coin360
OKEx adapt to excessive buying and selling volumes?
In response to the cryptocurrency market knowledge web site CoinGecko, OKEx noticed a $ 3.1 billion enhance in buying and selling quantity on March 12, up practically 160% from the day earlier than. The inventory market has already achieved increased than regular quantity in current months.
OKEx buying and selling volumes. Supply: CoinGecko
As well as, OKEx just lately overtook BitMEX because the crypto trade with the best Bitcoin futures quantity, in keeping with Skew. The trade leads by greater than 40%.
Bitcoin futures buying and selling volumes on prime exchanges. Supply: Leaning.
It’s unclear whether or not the upkeep that OKEx carried out in such a brief interval was meant to forestall rising buying and selling volumes from interfering with the correct functioning of the platform. The agency merely explains that the upkeep is meant to make sure "higher service high quality and buying and selling expertise".
A difficult time for cryptocurrency exchanges
The growth and failure just lately skilled by the cryptocurrency market usually has been accompanied by a big and sudden enhance in buying and selling quantity and net site visitors associated to cryptocurrency exchanges. This resulted in unexpectedly excessive strain on the buying and selling infrastructure and a few main drawbacks.
As a Cointelegraph reported in late February, main cryptocurrency trade Binance stopped buying and selling on its platform to resolve an sudden technical drawback with its infrastructure. The unplanned upkeep followed weeks by which the customers of the trade needed to endure some efficiency points on the platform.
Earlier this month, Binance stopped buying and selling after the infrastructure once more malfunctioned. Jay Hao, CEO of OKEx, caught out his tongue offer technical help to the CEO of Binance.