Cryptocurrency exchange BitMEX went down as Bitcoin skilled a pointy drop from $9,885. Customers who have been capable of entry the web site reported that the buying and selling engine was presently down and that the corporate was working to convey it again on-line as quick as doable.
Greater than $11.four million in longs have been liquidated on the exchange prior to now 24 hours.
BitMEX Web site and API Each Down
For the reason that buying and selling engine went down, each the web-frontend and the API weren’t accessible to merchants.
Cryptocurrency exchange BitMEX has been down since 12:13 UTC, with an official announcement from the corporate saying that they’ve been experiencing points with its buying and selling engine.
In keeping with screengrabs of the bulletins shared by BitMEX customers, the exchange mentioned that they have been engaged on bringing the buying and selling engine again on-line as quickly as doable.
- Screengrab displaying BitMEX’s announcement on buying and selling engine downtime
The standing web page now exhibits that the buying and selling engine is dealing with “major outage,” it’s inconceivable to entry the BitMEX web site on the time of writing.
Customers have been flocking to social media complaining about BitMEX being down. It’s nonetheless unclear what led to the downtime nor when the exchange might be operational once more.
Following the shutdown, the price of Bitcoin fell nearly 2% in a matter of minutes, and it stays unclear whether or not or not it’ll proceed its downward momentum.
Information from Datamish confirmed that $11.four million of lengthy and $5.eight million of quick contracts have been liquidated on BitMEX prior to now 24 hours alone.
- Screengrab displaying the whole lengthy and quick liquidations on BitMEX prior to now 24 hours (Supply: Datamish)
As each Bitcoin price motion prior to now a number of months initiated huge liquidations on BitMEX, it’s clear that person frustration is getting nearer to its peak. Many have mentioned that they’ll depart BitMEX for one more “operational exchange.”
At press time, it’s nonetheless unclear what led to the downtime or how lengthy it might final. Whereas many customers reported not with the ability to log into their accounts in any respect, others reported seeing the XBTUSD contracts on BitMEX going straight to zero.
Derivatives are a dangerous enterprise the place complete capital is at stake, downtimes are merely unaffordable for merchants.