Bitcoin's Price Moves Up As Bitmex Crypto Exchange Goes Offline
Bitcoin’s price jumped by $300 within a minute and got closer to $6900 during technical work on the BitMEX crypto exchange on August 22, CCN reports.
This happened at exactly 01:00 (UTC), when bitcoin moved up from $6466 to $6745 on Bitfinex. Thereafter, the value of the first cryptocurrency continued to grow steadily and stopped at $6899, followed by the correction to $6840 at 01:34 (UTC).
Such a jump in prices doesn’t look natural during the period of trading volume's reduction on the crypto market. According to preliminary data, this was due to maintenance of BitMEX, which processes contracts for billions of dollars in daily mode.
Bitmex representatives reported in their Twitter account at 02:00 (UTC) that the trading platform had stabilized, but specialists encountered a large number of DDoS attacks after restarting the web servers.
Login has stabilized. We encountered a large DDoS upon restarting web services. We will resume trading at 02:00 UTC (in 7 minutes).— BitMEX (@BitMEXdotcom) 22 августа 2018 г.
CoinMarketCap's indicators of the price of bitcoin were similar to Bitfinex’s ones. The cost of bitcoin rose from $6468 at 00:54 (UTC) to $6782 at 01:29 (UTC) and reached a high of $6816 at 02:04 (UTC) within 30 minutes early in the morning on August 22. Subsequently, there was a slight correction, and the price of the first crypto is $6729 with the market capitalization of $115.9 billion at the time of writing the article.
As previously reported, the total capitalization of the crypto market underwent a correction by 17% in the middle of August.