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.