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?
Bitcoin under $4000
Bitcoin is crashing again in crypto market along with other cryptocurrencies, as Bitcoin again dipped under $4000 mark.
2018 will be remembered as one of the worst years for crypto currencies, after spectacular boom of crypto market in 2017 in terms of adoption and increase in market cap, this year so far has proven to be the opposite of that, Crypto market cap reached the level of $800 billion at the start of 2018 and now the total worth of crypto market is $125 billion which shows more than 80% of decline in overall market cap.
Bitcoin dipped below the level of $3500 few days ago and now market is crashing one more time, shows that bottom is still not here and we are far away from bottom as of now, market dynamics are changing, shows that all the speculators in the market are taking a big hit from this bear market.
It will be interesting to see, how bitcoin will survive this crucial time period, but the biggest question is, where is the bottom? because according to many analysts in crypto market, bottom lies somewhere between $2000-$3000
India’s largest Mobile & Internet industry forms Blockchain Committee
India is promoting the blockchain ecosystem in the country and the latest move in this regard is the country’s influential internet and mobile industry association has formed a committee dedicated to the decentralized (blockchain) technology.
India’s most-read business daily the Economic Times reported, with the new blockchain committee, the Internet and Mobile Association of India (IAMAI) is batting an eye on the government to widen the blockchain industry and startups. India’s most-read business daily the Economic Times report.
The focus is to use blockchain technology to facilitate job creation and reduce the unemployment rate in the country. This will give a boom to the new digital economy in the country, the report added.
The new committee within the influential non-profit will be chaired by Tina Singh, digital chief at private lending giant Mahindra Finance.
She told the publication:
“Blockchain is undeniably the technology of the future, slated to bring decentralization and trust and accountability into multiple areas of business. However, in order to be more effective and enter the mainstream, blockchain technology needs the intervention of government bodies, regulatory authorities, and corporates.”
The committee includes several includes many well-reputed executives of major corporate giants spanning tech and financial sectors such as Microsoft, Mastercard, IBM and HDFC Bank, India’s biggest private bank.
Interestingly, the committee also includes Sandeep Goenka, founder of major Indian bitcoin exchange Zebpay. The app-only exchange was among India’s earliest and largest exchanges until it closed trading services less than a month ago. However, Zebpay continues to provide a wallet service to users, the exchange said it was “unable to find a reasonable way to conduct the cryptocurrency exchange business” following the central bank’s comprehensive ban that bars banks from providing services to exchanges and the wider crypto sector.
Despite the ban and less viability on the cryptocurrency sector, which remains unregulated, the formation of the blockchain committee proves the consistent effort to integrate the groundbreaking tech into wider society.
The IAMAI Blockchain Committee will focus on creating dialogue between all stakeholders; curate and create content to aid skill development and move towards creating a participative economy with the usage of blockchain.”
BTCC Chinese Crypto firm plans to start its services in South Korea
BTCC, China’s first cryptocurrency exchange, has planned to expand its services in South Korea on October 31, 2018.
Initially known as BTC China, the cryptocurrency trading exchange was one of the largest in the world in terms of trading volume. However, owing to China’s crackdown on crypto trading and initial coin offerings (ICOs), the exchange was asked to shut down its services in the country in September last year and transferred to Hong Kong in January 2018.
According to a report, BTCC’s Korea operations will be headed by Lee Jae-beom. He said that BTCC Koplannedaned to highlight a new vision of cryptocurrencies. The exchange will first launch its beta services this month, with the official debut set for November.
Furthermore, the exchange stated that it will provide not only the trading, buying and selling services to its customers, but it also plans to create own a wallet, a mining pool, and a consumer payments service. However, there is still no information about the coins listed on an exchange. On the South Korean version of its website, the company has not yet specified which coins will be supported on the exchange.
Commenting on the launch, Lee said: “Cryptocurrency exchanges are facing a turning point due to a downturn in local exchanges while global exchanges are making a leap here. BTCC Korea will be able to present a new strategy and vision of crypto exchanges.”
The report said, BTCC also plans to expand its services and it wants to achieve this via strategic tie-ups with local and global firms. Recently, the company announced that it had joined hands with Defytime, a producer of anti-ageing products. The partnership will helpDefytime to adopt blockchain in healthcare products.
In Hong Kong, BTCC offers a range of services and products for trading to a global customer base. In particular, the exchange facilitates the trading of five cryptocurrencies against the USD – BTC, BCH, ETH, LTC, and DASH. In addition, BCH, ETH, LTC and DASH can also be traded against BTC.
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