Bittrex, is one of the worlds leading cryptocurrency exchanges. With a market capitalisation of $36,883,136.00 at the time of writing, it is clear to see the full scale of Bittrex’s size and dominance.
Moreover, Bittrex supports just shy of 300 cryptocurrencies and trading pairs, thus, you can see why Bittrex may be considered as one of the biggest exchanges to date.
Therefore, this latest announcement by the Bittrex team comes with quite a level of significance. In a recent post on the Bittrex website, Julian Yap, a member of the Bittrex team has posted some information regarding a few upgrades that will be made to the service this Wednesday (20th June 2018). Within this, Bittrex are working on rebranding and ticker symbol changes for Bitcoin Cash, Legends and Bitswift. As a result of these changes, Bitcoin Cash, Legends and Bitswift will be temporarily taken offline.
Given that at the time of writing, Bitcoin Cash is the 7th most traded currency on Bittrex and that Bitswift is the 111th, we might assume that the removal of these currencies could have an impact on traders and investors. You can see the full report for yourself here- https://support.bittrex.com/hc/en-us/articles/360004823112
According to Yap:
“Bittrex will need to take the BCC, LGD and SWIFT markets offline for at least three hours. If we encounter unexpected technical challenges, the markets will remain offline until we address those issues. During this renaming process all orders, pending deposits and withdrawals will be cancelled. All modified assets will be shown as the new names and tickers once the change is complete. Customers that use Bittrex APIs will need to change the ‘market’ and ‘wallet’ parameters from the old tickers to the new tickers after the renaming process is finished. In addition, customers should be aware that this type of action causes a ‘price rediscovery’ event, which may lead to a price adjustment.”
“Customers should take this timing into consideration for any related transactions, and cancel any orders, pending deposits and withdrawals that you had in-progress on June 20, 2018.”
Obviously, there’s not a great deal to worry about here. Bittrex will be prepared to ensure this happens in the most efficient way possible. The team only wish to take these currencies offline for around 3-hours, therefore they simply just recommend that anybody who is planning to carry out transactions on the 20th of June, either do them before or after the upgrade, just to ensure that these users are subject to minimal disruption. Once the update is complete, all should go live immediately.
The take home message is – if you go onto Bittrex on Wednesday and can’t find Bitcoin Cash anywhere, this is why, don’t panic! Just bear in mind that, due to the volatility of cryptocurrencies, some prices may swing as a result of this.