Bitcoin has seen a terrific rise, gaining 35% in the past 24 hours and with it the demand for trading and the strain on exchanges has increased. Some have failed to cope and others have remained steady.
One exchange that dealt well with the huge influx in traffic was OkEx. The world’s biggest exchange had stability and did not crash during one of the most important moments of the year for traders.
They posted on twitter to signify the large amount of trading and give their developers a shout out for the updates that kept the futures servers up to date. The tweet read:
“Be ready before the storm strikes! Thanks to the continuous upgrades, our #futures system has remained extremely stable in handling the sudden large amount of transactions.”
The company also showed the figures that illuminated just how much Bitcoin had changed hands. The tweet was accompanied by an image. Their follow up tweet gave the official statistics for the past 24 hours:
“The total trading volume at @OKEx exceeded $12.9B in the last 24 hr.”
Impressive amounts, but not all exchanges had such a good time. Some exchanges crashed and were forced to do rollbacks after egregious errors on their site left traders stuck.
FTX and Deribit crash
FTX, a derivatives exchange was forced to roll back on funding payments, trades and liquidations were turned off and then back on again. The company was forced to release a statement apologizing and assuring their customers that they would not be at a loss. The reason for the crash and subsequent roll backs was this:
“The cause of the issues was a data processing issue within the backstop liquidation engine which, in extreme circumstances, lead to it sending the same liquidation order too many times. We’ve identified and fixed that error, and rolled back all of the erroneous liquidations.
Our sincere apologies for what happened and if you have any questions regarding your positions or balances as of 00:41:00 UTC, please send an email to [email protected].”
Another exchange that failed to keep up was Deribit. The futures and options exchange crashed under the strain after reporting a $2,400,000,000 24 hour volume. Their tweet on the situation read:
“We are experiencing down time. Please check our Telegram Notification channel for the latest updates:” Soon after the exchange posted again on Twitter, “Trading resumed at 05:38 UTC. Sorry for the disturbance.”
Clearly, it was a difficult day for exchanges whilst traders were rejoicing at the site of a rising Bitcoin. This only serves to highlight the fact that choosing the right exchange is so important.