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Monday, June 8, 2020

#CryptoCorner: Coinbase Experienced Outage From High Traffic During $10K BTC Rally, Relatively Low Exchange Holding Volume May Point to Coming Bull Run




#CryptoCorner: Coinbase Experienced Outage From High Traffic During $10K BTC Rally, Relatively Low Exchange Holding Volume May Point to Coming Bull Run

Blockchain Present in 39% of New Fintech Firms in Hong Kong




Point Roberts, WA, Delta BC June 8, 2020 - Investorideas.com, a leader in crypto and blockchain investing news brings you today’s edition of the Crypto Corner podcast and commentary on what’s driving the cryptocurrency market.

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Coinbase Experienced Outage From High Traffic During $10K BTC Rally, Relatively Low Exchange Holding Volume May Point to Coming Bull Run and Blockchain Present in 39% of New Fintech Firms in Hong Kong

Crypto exchange giant Coinbase experienced an outage on its website and mobile applications on June 1 when Bitcoin (BTC) briefly broke $10,000, according to a blog post by company software engineer Michael de Hoog. de Hoog writes that as Bitcoin rallied, the exchange “experienced a 5x traffic spike over 4 minutes,” and its “autoscaling was unable to keep pace.”

We’re working on reducing the impact of price-related traffic spikes though pre-scaling and caching. Longer term we’re planning to improve our deployment process to mitigate some of the autoscaling issues we experienced.

Since falling about $600 suddenly on June 2, Bitcoin’s trading price has remained relatively stable around the $9,500-$9,800 range and is currently trading for around $9,700, according to data from CoinMarketCap. An article on CoinDesk by writer Omkar Godbole indicates that the relatively low balances held on exchanges may reflect investor confidence in a coming bull run exceeding $10,000. According to the article, “investors tend to move cryptocurrency from their wallets to exchanges to be able to more quickly liquidate holdings during a price crash or when they expect a price rally to be short-lived.” An excerpt reads:

As such, it seems likely investors expect the ongoing price consolidation to pave the way for a stronger bull run and are holding on to their investments in the hope of bigger gains to come.

The prospects of a continued upward move look strong, as the diverging trends in bitcoin’s price and exchange balances seen this year are the opposite of what we saw in the second quarter of 2019. At that time, exchange balances rose along with prices, suggesting a lack of confidence in a longer rally.

A recently-published report from Hong Kong’s Financial Services and Treasury Bureau reveals that blockchain is present in 39 percent of the region’s 57 fintech firms started in 2019. This represents an increase from the 27 percent registered in 2018, making it the fastest-growing sub-sector in the space. The report further shows that enterprise solutions using blockchain make up the largest share of distributed ledger technology (DLT) adoption in the market.

Sam Mowers, Investorideas

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