Huobi Global Experiences Service Disruption After Bitcoin’s Price Surge
Huobi Global, one of the largest cryptocurrency exchanges in the market, seems to have experienced severe disruptions after the price surge that Bitcoin (BTC) experienced today morning.
Apparently, several users started reporting sever issues when they wanted to buy or sell virtual currencies on the platform.
Huobi Global Experiences Disruptions of Services
Bitcoin has today surged from $4,200 up to $5,100 in some exchanges. This is the largest daily growth that Bitcoin registered since April 2018. Moreover, Bitcoin was not traded around these levels since November 2018. This allowed the most popular digital asset to break away from the long-term downtrend that started in January 2018.
According to some Huobi Global users, they were not able to have a stable platform to participate in this market. During the same period of time, buy volumes have been at an all-time high in Binance, one of the largest exchanges in the crypto market.
These issues on Huobi Pro, have affected users that were not able to profit from this price increase. There were also some reports that Huobi’s trading volume has been faked in order to attract a larger number of users to the platform. Although it is not confirmed, Huobi Global could be experiencing wash trading by users as well.
As reported by The Tie, most of the trading volume registered by Huobi pro is suspicious. This raises red flags regarding the trading practices of this exchange. Is it possible for users at Huobi Global to trade ten times more than users on the Binance platform? This is one of the questions that must be answered.
The platform has not yet confirmed anything about these two issues, which could not be good for the platform and users that want a responsible digital asset exchange.
At the time of writing, CoinMarketCap is registering a trading volume on Huobi Global of $1.53 billion in the last 24 hours.