Bitfinex Outage Causes Bitcoin Price Flash Crash

The Bitcoin price has taken a significant hit across the exchanges overnight. The biggest culprit for this price drop was the Bitfinex exchange, as they suffered from an unscheduled downtime. Keeping in mind how this is the largest Bitcoin exchange in USD trading volume, there was a lot of panic when things were halted. But it looks like the price is, once again, starting to recover.

A Brief Bitcoin Price Flash Crash

Themerkle_Bitcoin Price Drop BTC

The Bitcoin price is dictated by the Chinese markets, a trend that has been visible for many years now. But is interesting to note how an issue at a US Bitcoin exchange can affect that market as well, even though Bitfinex does not support CNY trading. In the end, the Bitcoin price took a sharp nosedive when the exchange went dark for a brief period.

Luckily for all Bitcoin traders and enthusiasts around the world, the issue was resolved rather quickly. It is never positive to the Bitcoin price go down all of a sudden in such spectacular fashion, and it goes to show how reliant traders are on centralized exchange platforms. The Bitfinex outage hurt the Read more ... source: TheBitcoinNews