Crypto market enjoys a quick boost as BitMex experiences technical difficulties

09 Oct, 2018
by Matthew Kim
News
Crypto market enjoys a quick boost as BitMex experiences technical difficulties

The market mostly enjoyed a day of green today, with Ethereum, EOS, Litecoin, and Cardano experiencing more than a 2 percent growth out of the top 10 coins. Maker was by far the greatest gainer (18%) out of the top 50 coins. The only noticeable drop were TRON (4%) and 0x (3%).

At the time of writing, Bitcoin remains steady at around $6,680. Ethereum has surpassed the $230 mark, while EOS and Litecoin approach the $6 and $60 resistance respectively.

Some people in the community suspect that BitMex’s technical problems contributed to the short growth of the market. According to a BitMex tweet, the exchange encountered WebSocket issues causing false “zero account balance” displays.

BitMex is one of the most popular cryptocurrency exchanges, most famous for its risks with absurd leveraging tools. According to Coinmarketcap, BitMex trades reportedly trades $1.3 billion in volume per 24 hours. Many expert traders use the BitMex platform for leveraged trades for longing and shorting coins. It is suspected that technical difficulties on the popular platform could have affected the market movement for today.

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