The pressure exerted by the global Coronavirus crisis is pushing crypto towards the corner. Since the start of March, the prices of cryptocurrencies have been constantly moving down. Bitcoin, for example, has fallen from $9000 to $5000. Till now, there are no positive signs for a bull phase to enter the market.
However, the Bitcoin Futures market is manifesting great excitement. OKEx has recently joined the race to overtake BitMEX, the largest crypto platform by trade volume. Skew Analystics indicates, in the last 24 Hours trading on OKEx has exceeded BitMEX. The report shows a 15.95 billion trade volume for OKEx and 12.55 billion for BitMEX.
Exchanges Pushed to Their Limits
The recent roller-coaster bumps in crypto prices have put a massive strain on crypto exchanges. Unforeseen growth in trading and web trafficking is disrupting the infrastructure of the exchange.
In late Feb, a giant crypto exchange, Binance, had closed its platform for trading. The exchange stopped its operations because of unexpected infrastructure default. During maintenance time, users faced numerous problems as it took a couple of hours to complete the unscheduled maintenance. Once again in March, Binance crashed due to overload.
On Mar. 12, OKEx declared its trading platform will be down for small system maintenance. After about an hour, the maintenance process was completed and the exchange once again became fully operational. The firm claimed that the system maintenance will improve the quality of users’ trading experience.
Given the record traffic exchanges are receiving during the price collapse of cryptocurrencies, it’s clear that trading platforms are the most robust business in this space.