BitMEX Experiences Technical Problems, Users Complain, Back Online Now

It seems that one of the most important cryptocurrency trading platforms in the market is suffering some technical issues. We are talking about BitMEX and a problem reported by some users in the social media platform Twitter. Here is BitMEX cryptocurrency exchange reporting the incident.

As you can see, this does not set well with the vocal crypto twitter community:

According to an image uploaded by @BTCDJS says:

“Reconnecting to BitMEX… We’re having some trouble keeping the live datafeed to BitMEX open.”

This comes on the heels of BitMex just setting a record day in trading volume just two weeks ago. And early this week BitMEX just introduced 50x leveraged ETH/USD Ethereum Futures trading options as well.

At the same time, BitMEX official twitter account explained that an internal system in the trading critical path became very slow. The company is working in order to remedy the problem in the next few minutes.

It is important to mention that Bitmex is Bitcoin’s largest source of liquidity. Being down is not a ‘simple’ or ‘small’ issue. Many are hypothesizing that high frequency trading bots are spamming the network and causing 504 gateway errors to their trading platform.

If the cryptocurrency market wants to become more mature, companies will have to invest more in better services and products. These situations have a very deep impact in the community and are among the things that the U.S. Securities and Exchange Commission (SEC) analyse in order to approve new regulations or a future bitcoin exchange traded fund (ETF). The vocal CEO of BitMEX is bullish on Bitcoin's end of year price as well as the upcoming Bitcoin ETF approval as well.

BitMEX did update just an hour later after their initial tweet in saying:

And a friendly piece of advice from one of the more well known and respected twitters saying to make sure you have a backup if problems persisted in Deribit.

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