Forex and Crypto News

Cryptocurrency market collapse - stress test for exchanges

16:50 16 March /2020

The rapidly spreading COVID-19 pandemic, the decline in oil prices, the fall of the markets, all this creates great pressure on the global economy. The cryptocurrency market, which has long been considered invulnerable to traditional risks, also felt these factors on itself.

The sudden fall of all cryptocurrencies was a surprise to the exchanges. They experienced a sharp increase in user activity, as well as an increase in the number of orders. Users rushed to sell their cryptocurrencies or hedge risks.

As a result, cryptocurrency exchanges received a stress test and reacted to the circumstances successfully. Some exchanges received overloaded trading platforms. At one of the leading exchanges, the problem was accompanied by the failure of the ADL futures system. Some exchanges raised fees for withdrawing funds from ETH to reduce capital outflows. Almost all exchanges encountered server problems.

This situation showed how cryptocurrency exchanges are ready to work in force majeure conditions. Once the situation improves, the exchanges will have to make a conclusion and fix the problems so that they will be ready the next time.

But it is worth noting that, in addition to problems, exchanges also received profit growth. Since in recent days, all exchanges have felt the growth in futures trading volumes. According to Skew, the largest increase in trading volume was received by OKEx, followed by BitMEX, Huobi Binance, Bybit, and others.

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