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Bitcoin Flash Crash Takes Down Coinbase, While PrimeXBT Breaks Volume Record

Bitcoin Flash Crash Takes Down Coinbase, While PrimeXBT Breaks Volume Record

Traders on Coinbase, Binance, Bitfinex, Deribit and other top crypto exchanges on Wednesday, June 26, 2019 were left out of luck and unable to access their accounts during a recent Bitcoin flash crash, while PrimeXBT withstood the demand and helped traders close in profit while the rest of the market scrambled. 

In recent weeks, Bitcoin price has rallied over 250% and recaptured the interest of traders worldwide, who are hoping to become rich beyond their wildest dreams from profits generated while trading the emerging crypto asset during what many analysts are expecting to be a full-fledged bull market. 

During its last bull market, Bitcoin took the world by storm and caused widespread FOMO that left many crypto exchanges unable to keep up with the growing demand and hype surrounding the crypto market. Some exchanges were forced to shut down new user registrations, and accounts began fetching as much as 1 BTC - valued at nearly $20,000 at the time - on the black market as demand far outweighed supply.     

With Bitcoin skyrocketing once again, telltale signs another bull market is in the early stages are showing at a rapid rate. Bitcoin has once again gone parabolic, continued to break through each major resistance level with relative ease, and a recent flash crash shined a light on a problem that hasn’t shown its ugly face since the last bull run: Some crypto exchanges are often unable to keep up with the influx of increased trading demand during peak FOMO. 

Not all crypto exchanges were affected during the recent Bitcoin price flash crash, but the problem does underscore how early on the crypto industry is - when even some of the biggest names in the industry are unable to offer a stable or reliable trading experience. It also shows that there’s still much time and room for other trading platforms to steal the crown away from the likes of Coinbase and Binance, who currently enjoy significant market share that they risk squandering away with situations like these. 

The two exchanges are just two examples of the most prominent in the crypto industry, yet were of the exchanges most adversely affected by the flash crash in Bitcoin, according to vocal traders sharing their annoyance on Twitter and Reddit. 

Coinbase, Binance, and Others Crack Under Pressure From $2,000 Bitcoin Flash Crash

At approximately 4:00PM ET, as Bitcoin approached $14,000, a flash crash occurred on crypto exchanges that wiped out much of the ground it had gained earlier in the day. Bitcoin prices instantly collapsed over $2,000, falling to $11,400 before bouncing back $1,000 and resuming its climb higher to potentially reclaim its previous all-time high of $20,000 and even set a new record. 
When major price movements occur, traders often have alerts set up that make them aware of any potential entry or exit points, or other opportunities, and they rush to log into their trading platform of choice to execute a trade. Other traders will have had set up stop loss orders to protect themselves in case of a crash, that trigger a sell the moment the price is reached.

The sudden rush of traders combined hoping to capitalize on the flash crash, along with stops being hit and the massively surging trading volume across the crypto market proved to be too much for many top crypto exchanges to handle, and the exchanges buckled and went down under the pressure. 

Of the exchanges that saw widespread outages, order submission errors, server errors, and more include the aforementioned Coinbase and Binance, along with Bitfinex, Deribit, and many more.

Traders took to social media to express their frustration that they missed out on profitable trades due to these platforms being unable to handle the increased transaction output and server load. The two exchanges both have seen a bull run in the past and should be capable of offering uninterrupted trading to their clients, but yet this incident still left traders sitting on their hands and unable to do what they do best. 

Instead, traders were unable to access either platform and missed out on profits. Many are demanding answers.

PrimeXBT: Withstanding Bitcoin’s Flash Crash Took Traders to Profitability 

According to CoinMarketCap data, Bitcoin markets traded over $46 billion in value throughout the day. During the hour or more these exchanges struggled to stay online, traders on those platforms missed out on over $1.9 billion in trading activity alone. However, this number is significantly larger as the trading volume actually peaked during the outages due to so many people pummeling each exchange’s servers. With such a spike in trading interest, there’s no telling exactly how much profit was missed during the massive price swings due to exchanges dropping the ball on their customers.

Traders on any remaining stable exchanges found themselves a great opportunity for profits. With so many other traders sidelined due to outages, PrimeXBT traders - where the platform’s bank-grade infrastructure and the trading engine stayed reliable and unfazed throughout the momentary flash crash - were able to close in profit and open up new profitable positions. 



PrimeXBT traders were able to submit their orders using the platform’s advanced trading tools, which left the vast majority of them in significant profit according to multiple posts from its users on social media.

Bitcoin’s parabolic rally from bear market lows have brought traders an opportunity unlike any other, but the potential profits Bitcoin and the rest of the emerging asset class can offer won’t matter if traders cannot open or close positions, much like what happened during the recent flash crash on Coinbase, Bitfinex, Deribit, and Binance. 

Rather than find themselves in profit, most clients likely logged into their accounts after the outages only to discover their holdings had fallen significantly in value, were unable to take any action and open trades, and realized that they had missed out on substantial profits. The entire point of these platforms is to provide traders with the tools necessary to profit from markets, but it is impossible if the platform cannot even be accessed during price swings in the first place. 

This is why choosing the right trading platform is of the utmost importance during a bull market. It’s also why more and more traders are choosing PrimeXBT as the place to go for seamless order execution and trading Bitcoin on leverage.

Decades of Market Experience Offers Traders Edge Over Coinbase and Binance 

PrimeXBT was built on decades of experience across traditional markets and it shows. Not only does the trading platform offer exposure to traditional assets outside of crypto - such as gold, forex, commodities, and stock indices - it also offers the most advanced trading tools and most reliable infrastructure found anywhere in the market. 

PrimeXBT’s bank-grade infrastructure and ultra-fast trading engine ensure the platform experienced no downtime during Wednesday’s chaotic trading session, and traders on the platform weren’t held back by an “order submission error” or another roadblock preventing them from growing their profits and executing trades. Instead, traders were able to respond to any significant price action, and trade the trend with tools like long and short positions, 100x leverage, and advanced order types like OCO (one cancels the other) orders and take profit orders. 

With a new bull run brewing in Bitcoin, if industry powerhouses like Coinbase and Binance cannot improve the stability of their platforms and provide traders with the stable experience necessary for trading, traders will quickly wise up and seek greener pastures. If this recent flash crash doesn’t prompt Coinbase and Binance to step up their game, traders will eventually find themselves on more reliable platforms - such as PrimeXBT - where traders can actually take advantage of large price movements, and grow their profits as intended. 

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“PayString” trademark filed by Ripple in the United States - what could it be?

“PayString” trademark filed by Ripple in the United States - what could it be?

Quick take

1 minute read

  • Another new trademark has been filed with the United States patent and trademark office by the San Francisco blockchain company Ripple.
  • Filed earlier this month, the filing for the trademark doesn’t give much away in regards to what kind of business or product will be marketed under its name. 

Another new trademark has been filed with the United States patent and trademark office by the San Francisco blockchain company Ripple.

Filed earlier this month on the 6th of November, the filing for the trademark doesn’t give much away in regards to what kind of business or product will be marketed under its name. Known as PayString, this trademark registration is very similar to that of the Ripplenet filing earlier in 2020.

The description indicates that PayString would cover a variety of different categories of electronic financial services.

Furthermore, this could be used for Fiat currency and digital currencies for omittance and gifts.

Earlier this year in August, the company failed to more trademark applications with the patent and trademark office in the US. This included the same application descriptions of PayString and Ripplenet.

You can see the filing here.

This year has been somewhat lacklustre for the XRP token. The price action for the currency has been slow to say the least but some believe that it could be getting ready for some further excitement before the end of the year.

It will also be interesting to see where the PayString trademark goes and what kind of product it will end up becoming.

For more news on this and other crypto updates, keep it with CryptoDaily!

© 2020 CryptoDaily All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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CNBC’s Brian Kelly predicts bullish YEAR for bitcoin

CNBC’s Brian Kelly predicts bullish YEAR for bitcoin

Quick take

1 minute read

  • Brian Kelly predicts a bullish future for bitcoin.
  • Bitcoin surpasses $16,000.

Brian Kelly, a well-known advocate for bitcoin recently said on the Fast money show for CNBC that the gains that bitcoin is currently making could be extended to a full year following the halving.

In an interview earlier this week on the 12th of November on the show, Brian said that the spike in high-profile and institutional investors that are moving towards cryptocurrency and specifically, bitcoin, could indicate an exciting and bullish future for the king coin.

“There's a lot of scope for upside. Most of the gains that come are the year after the halving, and we’re seven months into that year after the halving, and Bitcoin’s doing what it should do.”

The host, Melissa Lee said:

“So there could be five more months here of pretty good upside.”

Bitcoin has had a very exciting week this week after it surpassed the $16,000 key resistance level following what was a very exciting time during the United States presidential election. Bitcoin has seemingly come out on top with many people now predicting big things in the short and long-term for bitcoin.

You can see his interview here:

For more news on this and other crypto updates, keep it with CryptoDaily!

© 2020 CryptoDaily All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

 

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How Ethereum 2.0 good see strong recovery for ETH

How Ethereum 2.0 good see strong recovery for ETH

Quick Take

1 minute read

  • As we come to the end of the year, there are numerous things occurring in the crypto space that no one could have predicted. 
  • With bitcoin jumping in value over the past few weeks/month, the alternative crypto market is quietly making gains simultaneously.

As we come to the end of the year, there are numerous things occurring in the crypto space that no one could have predicted. With bitcoin jumping in value over the past few weeks/month, the alternative crypto market is quietly making gains simultaneously.

Joseph Young, an analyst on Twitter has said that the second biggest cryptocurrency in the space, Ethereum has been performing extremely well over the past two months.

The upcoming Ethereum 2.0 deposit contract announced that the network upgrade would go live on the 1st of December. This has more than likely had a big impact on that open and how it has flourished in value over the past few months.

With the release of Ethereum 2.0, it would remove minors as the proof of work model is substituted for the proof of stake protocol. From here, users will be able to collectively verify transactions on the network without any need for a third-party to get involved.

You can see the tweet here from Joseph below:

Experience for users on the platform is more than likely going to change following the increase of the transaction capacity across the overall network.

The co-founder of Ethereum, Vitalik Buterin has confirmed that what was once a 15 transaction per second on chain processing speed could be increased to somewhere up to 5000 transactions per second on the blockchain upgrade.

The stagnation for Ethereum has technically allowed for the network to consolidate above significant moving averages and will be good for the future of the project.

For more news on this and other crypto updates, keep it with CryptoDaily!

© 2020 CryptoDaily All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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How South Africa's scam history has made its investors stronger

How South Africa's scam history has made its investors stronger

South Africa is a country with great diversity and has a rich history which attracts about 2.5 million tourists into the country every year. But what’s more appealing about South Africa is its gold mining industry which is one of the aspects of the country that makes it very attractive to foreign investors. And it comes as no doubt that South Africa has the most industrialized economy in the continent as a whole. Besides natural endowments history and tourism, South Africa is one of the countries in Africa where the activities of the financial market are widespread. Due to its attractiveness, many individuals have fallen victim to scammers in the country in an attempt to make a decent investment. 

According to numerous reports, many investors and visitors have been scammed by South African citizens or even scammers who are established in South Africa because it is a hub for foreign investment. Scammers go a long way to defraud people and it is always almost genuine, which makes it difficult for the investors to notice. Some examples of these activities involve scammers posing as airport staff, engaging in unexpected chats, stealing from backpacks or carry-on bags, or even fake taxi drivers that take passengers to unknown destinations to defraud them. These scammers go as far as telling passengers to get a receipt for some kind of taxi voucher, bus card, or airport receipt, take them to the ATM to get that non-existent voucher, and then try to see you type your PIN before creating a distraction to snatch and run with your card. 

It does not only end at that the height of this was when several South African investors lost over $13 million to a bitcoin scammer. This is one of the most thought out scams in the history of forex scams in South Africa and there are several more of this magnitude or even worse. 

In this case, the mastermind of the bitcoin scam, Willi Breedt who was the CEO of Vaultage Solutions now defunct, allegedly scammed several investors of over 227 million rands ($13.35 million) and escaped to another country when things got messy. It all started when the scammer abruptly severed all connection and communication between his clients and going on vacation. After several reports from his investors to the authorities, he was under criminal investigation, during which he closed shop, it is alleged that he went into hiding as the investigations went on. Reports by local news outlets indicated that Breedt claims that his troubles started in 2019 when the crypto market slumped. However, the truth of the matter is that the markets immediately recovered sufficient enough for him to recover all his losses. Because the slump was short-lived as it occurred only between one day and recovered the next so all losses were recovered. But Breedt claims to have been bankrupt by the slump and went into hiding to avoid his clients. Investigations on his bank account uncovered fraud as some of his investors stated that they had about $3.15 million in their account and the next day there was nothing and Breedt was nowhere to be found.

The members of the crypto community in South Africa have not been amused by Breedt’s actions because it reflects back to them as untrustworthy. But what’s more, is that it has been so common in the country that investors are becoming more accustomed to it. Although scamming is still prevalent in the country, investors are becoming more cautious when investing in South Africa. They have been scammed so much so that they are now stronger and more aware of scamming activities in the country, making it an even harder task for scammers to cook up any story because they’ve seen all and heard all.

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