Prior this week the San Francisco-based digital currency exchange Kraken planned some downtime to redesign the exchanging stage’s framework. The update for one of the world’s biggest computerized resource trades should keep going for just two hours, yet the site stayed down for well more than 24 hours. Kraken is currently back on the web and plans to offer zero charge exchanging until January 31 to compensate for its clients’ burden.
Kraken Exchange Goes Offline for a Record Amount of Time since 2013, Freaking Out Customers
The Kraken trade is one of the greatest computerized asset exchanging platform, with a tremendous amount of clients. On January 10, the exchange told the general population that it was “playing out a framework upgrade on Thursday, January 11 at around 5:00 UTC (Wednesday, January 10 at 9 pm PT).” The update was at first just expected to most recent two hours however that time go with no reclamation of administration and clients began getting chafed. Kraken clients on gatherings and online networking grumbled as every hour go amid the day. As the day advanced the exchange updated the public by means of Twitter:
“We are in the final stage of installing the upgrade now — We are getting close but hard to give an exact ETA since it depends on how the final testing goes,” explained Kraken.
Yes, this is our new record for downtime since we launched in 2013 — No, we’re not proud of it.
Back Online But With Many Changes
At last, on January 13 the San Francisco exchanging platform reported that the site and the exchanging engine was back on the web. Nonetheless, amid the redesign certain things had changed, for example, the new record check process would be postponed to its “most reduced need.” Further higher layered records will have need over new accounts searching for first time confirmation, says the exchange. Withdrawals are as yet suspended for the following 12 hours and every single earlier request were cancelled. Along this, deposits can take up to two extra business days for assets to be credited to exchanging accounts.
“All assets in beforehand open requests have been come back to your accessible adjust — Margin liquidations will be stopped for no less than 48 hours, and the production of new edge positions is crippled for no less than 48 hours,” clarifies Kraken’s blog entry and email to clients.
With trading now resumed, the engine’s performance will be closely monitored — The site will come down if needed, which may occur with little to no notice.
The Recent Crypto-Bear Market and Fallen Exchange Nightmares from the Past Get Traders Edgy
Kraken unquestionably saw its clients furious about the downtime, particularly when markets have been to a great degree bearish so the organization apologized for the downtime. Thus from now and until January 31, the exchanging stage is giving clients zero fees for all unleveraged exchanges until January 31, 2018 (UTC). Furthermore, the trade is diminishing edge position charges to 0.005 percent until the finish of the month also.
Kraken dealers were not happy with the downtime.
The experience has reminded digital money defenders that trades can go down whenever and for long periods of time. Shockingly, many individuals likewise have recollections of trades that never returned on the web and their assets are currently gone until the end of time. This made the Kraken encounter alarming for a considerable lot of its clients, says one of the clients:
Can someone in the Bay area please stop by Kraken headquarters and see if there is anyone there or if it looks like they skipped town?
Take a Crypto Pill
Crypto market is crashing, we all know that, panic sellers are taking over the market with massive sell-off. You can’t control that, just calm down and take a Crypto Pill to make things easy.
Crypto Pill is the term being used by industry leaders to make things calm down from recent fiasco, yesterday a leaked news from CFTC about Bitfinex and Tether made things even more difficult for crypto traders, short sellers went all into the market with massive short bets, and they won, Bitcoin price slipped below $10000 level to as low as $9500, but later on recovered to $10K , but selling pressure is still there.
First South Korea and now US
First it was South Korea, the country with massive trading volumes in crypto market, they announced to ban anonymous crypto trading and ban took place effective from 30th Jan 2018, then a sudden news came from US market when Bloomberg broke the news that US financial regulatory authority CFTC investigating Tether and Bitfinex, but later on it was confirmed that news was from December last year, which made market calm down a little bit after all that tension and hype about US crackdown on crypto currencies.
HODLers will take over market soon
Despite of all this fiasco, Hodlers are still holding their Crypto currencies, they are not giving up and they holding for their dear life, it is very much possible that they take over this market in near future, making another uptrend in coming months.
Venezuela is the cheapest country to mine Bitcoin
Cost of mining one Bitcoin in Venezuela is just $531
Most expensive country to mine Bitcoin is South Korea, where cost of mining one bitcoin is $26,170
After recent crackdown by Chinese Government on Bitcoin miners, most talked about topic in bitcoin community is that which country would Chinese Bitcoin miners chose to shift, as many research firms were working to find the best possible option for the miners, one of the best option is Venezuela, where cost of mining one bitcoin is the cheapest, just $531, as compared to China where cost of mining one bitcoin $3172.
Others with lower costs are Bangladesh, Belarus, Paraguay, Serbia and Trinidad & Tobago. The most expensive is South Korea at $26,170 per coin. The U.S. cost is $4,675.
Calculations for the amount of energy consumed were based on the average usage of three popular types of mining equipment: the AntMiner S7, the AntMiner S9 and the Avalon.
Bitcoin mining consumes a lot of energy and according to one estimate, Bitcoin mining currently consuming energy which is more than 159 countries, including countries like Ireland
Crypto trading volumes are dropping
Volumes in crypto market are dropping, indicating an alarming situation. Crypto market started this year on a good note but later on crashed to low levels, apart from Ethereum, all other major crypto currencies are down for 2018, but one of the most alarming situations in this matter is that trading volumes on different exchanges are dropping to lowest levels in recent months.
For example, on Bitfinex current trading volume of Bitcoin is at around 25000 which at one point of time was as high as 160000 , which means this volume is not even 20% of its peak volume. Similarly in the case of Ripple, current trading volume is 8 Million which at one point of time was 50 million, so there is an alarming situation in that regards because not only price is dropping but crypto trading volume is also dropping dramatically.
Lack of interest?
One of the key questions that analysts are asking these days is that, is it lack of interest from investors that volumes are so low? may be they have found new investment opportunity in the form of S&P 500 and Gold. Most of the analyst think that this low activity is due to the reason that market speculators are currently out of the market and in wait and watch situation to make an entry point.
Calm before the storm?
Such low volumes and price movement in a tight range suggest that this is the calm before the storm, many regulatory authorities around the world are trying to stop crypto trading by either putting complete ban or by introducing tight laws, so speculators and institutional investors are just waiting for a clear picture so that they can make their bet on it, but one thing is for sure that sooner or later market is due for heavy movement in either direction, so day traders need to watch out.
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