Bitcoin price and popularity has spiked in the past fe days, with everyone talking about the most widely known cryptocurrency. The token created by anonymous Satoshi Nakamoto saw a huge price jump, going up 35% in 24 hours on October 26th.
Many were rejoicing at the sight of a triumphant Bitoin, which had one of its largest price increases in its history. Many traders in Asia and around the world headed to their exchanges to get in on the action.
Yet, the large number of people looking to exchange left many leading exchanges floundering at the increased traffic.One of these exchanges was Bitmex. Not only that, but Bitcoin short traders on Bitmex also took a substantial hit, as just under $150 million worth of BitMEX short positions liquidated.
The derivatives exchange had numerous shutdowns with many angry Twitter users bemoaning the exchanges lack of stability in a crucial time for trading.
Twiiter user @MoonOverlord tweeted saying: “BITMEX ORDER SUBMISSION ERRORS EVERYWHERE”. DTCCryptoTrading tweeted there disappointment with not just Bitmex, but also Binance who had issues too. Their tweet said:
“in 1 word, horrible. Both Bitmex and Binance can’t take the liquidity, I did not had any sell orders so missed the top by like 6% unfortunately.
They really need to solve this when we get some real volume, because there is not that many active traders anymore”
The complaints did not stop there. Adam Benko complained about the amount of time transactions were taking on Bitmex. He tweeted:
“Took me 4 min to make market buy on bitmex yesterday.”
Clearly, in what was a beautiful moment in cryptocurrency history was spoiled by some exchanges. Bitmex without a doubt cost many traders money and opportunities with their website unable to cope. Sadly, this is not the first time this has happened at Bitmex.
Bitmex’s History of Crashes
Bitmex has a long history of crashes on their website as well as liquidations. The company liquidated many of their assets in September 2019 which caused bitcoin’s price to fall dramatically.
Not only that, but the exchange is often known in crypto circles to crash. August and September 2018 saw many Twitter users call out the exchange for closing down and their website showing error pages. A tweet from Ashish Rohilla rather summed up the feeling towards the exchange:
“We are already rekt with latest Bitmex scam. Thousands of people lost their fund because of there strategy and so called website error.”
It would seem that Bitmex can not be trusted and is regularly letting its customers down. Let’s see if they will make any announcement around the issue or make roll backs, something the FTX did this week after their website crashed.