CryptoPotato
CryptoPotato
  • Crypto News
  • Margin Trading
  • Guides
    • Bitcoin & Crypto Guides 101
    • Bitcoin For Beginners
    • Editorials
  • DeFi & NFT
  • Buy
  • Language
  • Crypto News
  • Bitcoin For Beginners
  • Cryptocurrency Guides 101
  • Editorials
  • Bitcoin & Crypto Margin Trading
  • DeFi & NFT News
  • Bitcoin Price Analysis
  • CryptoPotato Crypto Fund
  • Ethereum (ETH) Price Analysis
  • Ripple (XRP) Price Analysis
  • Market Updates
  • Interviews
  • Buy Bitcoin with Card
  • Market Updates
  • BTC Analysis
  • ETH Analysis
  • XRP Analysis
  • Interviews
  • Opinions
CryptoPotato
CryptoPotato
  • Crypto News
  • Margin Trading
  • Guides
    • Bitcoin & Crypto Guides 101
    • Bitcoin For Beginners
    • Editorials
  • DeFi & NFT
  • Buy
  • Language
  • Crypto News
  • Bitcoin For Beginners
  • Cryptocurrency Guides 101
  • Editorials
  • Bitcoin & Crypto Margin Trading
  • DeFi & NFT News
  • Bitcoin Price Analysis
  • CryptoPotato Crypto Fund
  • Ethereum (ETH) Price Analysis
  • Ripple (XRP) Price Analysis
  • Market Updates
  • Interviews
  • Buy Bitcoin with Card
Home » Crypto News » Bitfinex Offline: Goes Into Unscheduled Maintenance on the Day Bitcoin Sheds $2,000

Bitfinex Offline: Goes Into Unscheduled Maintenance on the Day Bitcoin Sheds $2,000

Author: Felix Mollen

Last Updated Nov 22, 2019 @ 13:06

One of the more popular cryptocurrency exchanges, Bitfinex, has gone offline. The platform is undergoing unscheduled maintenance for reasons that have yet to be disclosed. Coincidentally or not, this happened on the day Bitcoin went on to lose around $2,000 of its value. 

Bitfinex Is Offline For Unscheduled Maintenance

Bitfinex, the popular cryptocurrency exchange, has gone offline. There’s still no indication of the reasons for the outage, as the only thing that the exchange shared was that it’s undergoing unscheduled maintenance and that trading has been temporarily halted.

We are undergoing unscheduled maintenance with trading temporarily halted. All wallets remain unaffected and all traders will be kept informed of updates as and when they are available. Thank you for your patience.

— Bitfinex (@bitfinex) July 11, 2019

Naturally, this caused a wave of disappointment within the crypto community as many traders found they couldn’t place orders. The website itself is accessible, but users are alerted simply that the exchange is offline and that it will be back up shortly. This means that people don’t have access to their funds. 

Questionable Timing: Bitcoin Drops by $2,000

Interestingly enough, the timing of this unscheduled maintenance coincides with a serious short-term drop in the price of Bitcoin. In the past 24 hours, BTC has lost about $2,000 of its value. The cryptocurrency is currently down 10% on the day and is trading around $11,708. 

BTC/USD. Source: CoinGecko

But it wasn’t just Bitcoin. All the major altcoins took a beating, with some such as EOS recording tremendous losses of 20%. Bitcoin Cash (BCH) is down 17%, Litecoin is down 13% while Ripple’s XRP is down 14%. The second-largest cryptocurrency by market cap, Ethereum (ETH), is also down about 11.5% at the time of this writing. 

It’s anyone’s guess whether or not Bitfinex’s downtime is in any way related to the sudden decline in the overall market. However, as the exchange failed to provide any clarification, the timing definitely seems questionable. 

Moreover, we’ve witnessed firsthand that sudden maintenance periods on various exchanges could signal market manipulation as traders have no access to their funds or their trading accounts. 

It’s also worth noting that Bitfinex is closely associated with Tether, the issuer of the popular stablecoin USDT, which has long been under the microscope when it comes to Bitcoin price manipulation.

SPECIAL OFFER (Sponsored)
Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).

Tags: Bitcoin Bitcoin (BTC) Price Bitfinex
Enjoy reading? Share with your friends
Facebook Twitter LinkedIn Telegram

About The Author

Felix Mollen
More posts by this author

Felix got into Bitcoin back in 2014, but his interest quickly expanded to everything blockchain-related. He's particularly excited about real-world applications of blockchain technology. Having worked as a professional content writer for three years before that, Felix transitioned to working on blockchain-centered projects and hasn't looked back ever since.

  • bitcoin
    BTC$44,276.00
  • ethereum
    ETH$2,364.61
  • Join Our Community

    FacebookX YouTubeTelegram


    Editorials
    Real-World Assets: Crypto’s Latest Big Buzz – But is it Truly Here to Stay? (Op-Ed)

    Real-World Assets: Crypto’s Latest Big Buzz – But is it Truly Here to Stay? (Op-Ed)

    Could the Blockchain Disrupt Big Data in the E-commerce Industry?

    Could the Blockchain Disrupt Big Data in the E-commerce Industry?

    Binance’s New CEO Richard Teng: The Key Factors That Will Drive Mass Adoption in 2024 (Interview)

    Binance’s New CEO Richard Teng: The Key Factors That Will Drive Mass Adoption in 2024 (Interview)

    How Bitcoin Can Be a Lifeboat for People in Third World Countries: Interview with Ledn’s Mauricio Di Bartolomeo

    How Bitcoin Can Be a Lifeboat for People in Third World Countries: Interview with Ledn’s Mauricio Di Bartolomeo

    What 600 Startup Applications Tell About Blockchain & AI in 2024

    What 600 Startup Applications Tell About Blockchain & AI in 2024

    Bitcoin, Security, and the Future of Crypto: Interview with Jameson Lopp (Bitcoin Amsterdam 2023)

    Bitcoin, Security, and the Future of Crypto: Interview with Jameson Lopp (Bitcoin Amsterdam 2023)

    Zero-Knowledge (ZK) 101: Everything You Need to Know About ZK Proofs

    Zero-Knowledge (ZK) 101: Everything You Need to Know About ZK Proofs

    Join Our Newsletter
    Become a CryptoPotato VIP
    One Weekly Email Can Change Your Crypto Life.
    Sign-up FREE to receive our extended weekly market update and coin analysis report
    We NEVER send spam. You can unsubscribe at any time.
    Invalid email address
    Thanks for subscribing!
    Footer Logo
    About
    Advertise on CryptoPotato
    About Us | Contact Us | Careers
    Editorial Policy
    Terms of service | Privacy Policy | GDPR
    More Sections
    IEO List | Evaluations
    Airdrops
    Scholarship
    Disclaimer
    Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. Full disclaimer
    © Copyright CryptoPotato 2016 - 2021
    Scroll to top
    One Weekly Email Can Change Your Crypto Life.

    Sign-up FREE to receive our extended weekly market update and coin analysis report

    We never send SPAM. You can unsubscribe at any moment
    Invalid email address
    Thanks for subscribing!