OKEx accomplished a brief upkeep yesterday at a time of nice volatility within the cryptocurrency market. The alternate additionally only in the n
OKEx accomplished a brief upkeep yesterday at a time of nice volatility within the cryptocurrency market. The alternate additionally only in the near past overtook competitor BitMEX and have become the highest Bitcoin futures buying and selling platform.
On Mar. 12, OKEx announced that the platform could be down for system upkeep beginning at midnight UTC for about half an hour. Later the identical day, the alternate introduced that buying and selling exercise had resumed.
The upkeep befell at a time of nice volatility within the cryptocurrency market which was accompanied by unusually excessive volumes on cryptocurrency exchanges. Bitcoin (BTC) began Mar. 12 at practically $8,000 and ended the day at round $5,300.
Bitcoin 2-day chart. Supply: Coin360
OKEx adapting to excessive buying and selling volumes?
In response to cryptocurrency market knowledge web site CoinGecko, on Mar. 12 OKEx noticed a excessive of $3.1 billion in buying and selling quantity, an almost 160% enhance in comparison with the day earlier than. In latest months, the alternate was already managing higher-than-usual volumes.
OKEx buying and selling volumes. Supply: CoinGecko
Moreover, OKEx not too long ago overtook BitMEX because the crypto alternate with the best Bitcoin futures quantity, in keeping with Skew. The alternate leads by over 40%.
Bitcoin futures buying and selling volumes on high exchanges. Supply: Skew.
It’s unclear whether or not the upkeep which OKEx engaged in on such quick discover was meant to forestall rising buying and selling volumes from interfering with the right functioning of the platform. The agency simply explains that the upkeep is supposed to make sure “higher service high quality and buying and selling expertise.”
A difficult time for cryptocurrency exchanges
The increase and bust not too long ago skilled by the cryptocurrency market at giant have been accompanied by a significant and sudden rise in buying and selling quantity and net site visitors associated to cryptocurrency exchanges. This resulted in an surprising excessive pressure on buying and selling infrastructure and a few main hiccups.
As Cointelegraph reported in late February, main cryptocurrency alternate Binance halted buying and selling on its platform to resolve an surprising technical challenge with its infrastructure. The unscheduled upkeep followed weeks throughout which the alternate’s customers needed to endure plenty of efficiency points on the platform.
Earlier this month, Binance halted buying and selling after its infrastructure malfunctioned as soon as once more. Jay Hao, CEO of OKEx, prolonged a tongue-in-cheek offer of technical assist to Binance’s CEO.