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Poloniex Goes Down as Bitcoin’s All-Time Highs Loom

One of the prominent crypto exchanges in the market, Poloniex, has apparently gone offline, while Bitcoin is heading towards a brand new all-time high in its value. The customer support of the crypto exchange, which is quite informative, explained that Poloniex had been rendered unavailable to users because of an unexpected issue that they had encountered. On Friday, the exchange issued a tweet in which it assured the general public that they were investigating the issue in question and would keep everyone updated throughout this process. As far as the leading crypto is concerned, it has seen a massive upward swing in its price in the last few weeks, and it has caught the attention of institutional investors as a result. 

With this staggering spike in traffic, it is expected that crypto exchanges will be under strain, and some even tend to buckle when this happens. If an exchange does go down, traders are unable to carry on with their activities and have to wait for the problem to be resolved. Even though it may be undesired, it is expected when there is a huge surge in the traffic. Something like this has happened with some big exchanges, such as BitMEX and Coinbase in the past. This had actually become common in March, when the crypto market had suffered a massive crash, as trading volumes reached major heights because of high levels in volatility.

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Poloniex highlighted in a follow up tweet that they were officially done with their maintenance mode, and a number of its services were slowly being restored. The spot and margin markets were the first in line, but they were on a post-only mode. Next up were the futures contract trading scheduled for a comeback. As of now, Bitcoin is just a little shy of reaching its all-time high of $20,000 that it had reached back in 2017. With all the misfortune and chaos that the world has seen in 2020, a lot of eyes have shifted their attention towards Bitcoin as an alternative financial asset during such tough economic times.

Due to the trying times everyone is facing and the qualities of Bitcoin as an asset, some of the big names in the market, such as MicroStrategy, Paul Tudor Jones and Square, have all jumped on the Bitcoin bandwagon and have purchased sizable holdings. This trend has also extended to include general institutions, with institutional investors now holding impressive amounts of Bitcoin. Therefore, numbers indicate that there is only 3.4 million Bitcoin that’s currently available for traders to invest in.

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As far as Poloniex is concerned, they have not provided any real reason that was responsible for the exchange’s outage. The company does not seem to be very keen to share the details with the public. With any luck, BTC will continue its upward trend and reach its all-time high levels. In the existing economic climate, this could certainly help in cementing Bitcoin’s position amongst institutional investors and this would help in its mainstream integration. 

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Bentley Kapoor (India)

Bentley is a cryptocurrency enthusiast and trader, his articles are news and platform review based. His writings are brought to you through his 10 years of experience in the cryptocurrency markets.

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