Major Exchange Faces System Overload as Bitcoin (BTC) Plummets After Yesterday’s Surge

The crypto markets plummeted today following yesterday’s price surge that was widely seen as being highly bullish by many analysts. Yesterday’s sharp and sudden surge sent bitcoin above $4,000, which had previously been a strong level of resistance for BTC.

Today, however, the crypto markets have plummeted, sending BTC down towards $3,800. This recent volatility has led to an influx of trading volume that temporarily had an adverse impact on Binance’s systems.

bitcoin (BTC) Plummets Below $4,000 Amidst Market Sell-Off

At the time of writing, bitcoin is trading down nearly 6% at its current price of $3,825. Yesterday, BTC’s price exploded to highs of $4,200 before running out of buying pressure and plummeting to its current price levels.

This volatility has highlighted the importance of bitcoin’s 100-day moving average and 50-day moving average as key levels of support, which must continue to hold or else significantly further losses could be in play.

Chonis Trading, a popular cryptocurrency trader on Twitter, spoke about the importance of these moving averages as levels of support in the near-term, noting that a close above these levels is ideal on a daily chart.

“$BTC – Two key moving averages that ideally need to hold support on the daily candle close”

$BTC – Two key moving averages that ideally need to hold support on the daily candle close…#bitcoin pic.twitter.com/gF2BkEl1pg

— Chonis Trading (@BigChonis) February 24, 2019

bitcoin’s drop has led most cryptocurrencies to fall today, with Ethereum plummeting 9%, Litecoin plunging 12%, and XRP dropping 7%.

Major Crypto Exchange Faces System Overload Amidst Market Volatility

This bout of weekend volatility has been driven by increased trading volumes, which have climbed from weekly lows of $6.5 billion to their current levels of nearly $11 billion.

This sudden surge in trading volume led Binance’s systems to face delays as they incurred an all-time-high trading system load earlier today.

Changpeng Zhao (CZ) – the CEO of Binance – spoke about the system load his exchange saw earlier today in a recent tweet, noting that the delays occurred during the system’s auto-scaling.

“We seen [sic] ATH for trading system load about an hour ago, some users experienced ui delays during system auto scaling. Still improving.”

We seen ATH for trading system load about an hour ago, some users experienced ui delays during system auto scaling. Still improving.

— CZ Binance (@cz_binance) February 24, 2019

The recent surge in volume signals that cryptocurrency traders are becoming increasingly keen on finding trading opportunities during the relatively quiet market conditions.

As the markets head into the week ahead it is likely that analysts and investors alike will gain greater insight into where bitcoin’s new support and resistance levels exist, and to whether or not bitcoin’s recent lows in the low-$3,000 region are a long-term bottom.

Featured image from Shutterstock.

Published at Sun, 24 Feb 2019 19:30:36 +0000

September 3, 2017

REVAIN and Internet of things: how soon?

According to Cisco, about 50 billion devices are due to come online by 2020. With the Internet of Things getting closer the world will never be the same again. The underlying concept for IoT is basically connecting any device to the Internet and/or to each other — everything from cellphones, coffee makers, washing machines, headphones, lamps, wearable devices to almost anything you can think of.

[Disclaimer: This is a sponsored article]

And it’s been going on for quite a while already with companies like Google producing all sorts of smart household devices and smart self-driven cars. Many of the larger corporations have also expressed strong interest in Internet of Things technology. For example, Bosch’s most recent annual report set out a vision to be “one of the world’s leading IoT companies” by focusing on sensor technology, software and services, while Cisco, known for making networking equipment, has a clear interest in being at the forefront of machine-to-machine interactions.

The potential value of IoT cannot be overestimated. What if your office equipment knew when it was running low on supplies and automatically re-ordered more? What if your car knew where the nearest car shop was and drove itself there to get fixed? What if your fridge knew when it was running out of food and automatically purchased food at the closest grocery store? Or imagine a vending machine that can not only monitor and report its own stock, but can also arrange for the delivery of new items automatically based on the purchase history of its customers or their online reviews.

But the Internet of Things would never be even real if not powered by the latest blockchain developments — it is blockchain that enables smart contracts providing for M2M interactions. IBM IoT latest blockchain development enables devices to participate in transactions to communicate to blockchain-based ledgers. For instance, as an IoT-connected package moves along multiple distribution points, the package location and temperature information could be updated on a blockchain.

But as IoT opens the door to huge opportunities, it does also to many challenges — security being the biggest. With billions of devices connected together how can we be sure that their information stays secure? Blockchain technology has the potential to solve this in the same way it works for cryptocurrency: making sure that data is legitimate and the data processing is well-defined. Therefore, blockchain technology is the missing link to maintain privacy and address reliability concerns of the Internet-of-Things.

Remember the example of a vending machine and a fridge? Machines might be smart, but for now they still need some human help when making a purchasing decision. Where would you turn to if you’re having difficulties when making a choice?

Probably Yelp or Google reviews, but unfortunately these platforms are not able to deal with robotic requests. Moreover, it’s a proven fact that 60% of all the reviews are fake either ordered or generated by millions of bots. The Internet of Things threw down a new challenge and REVAIN accepted it bringing in a new generation review platform. Reviews on REVAIN are based on human opinions and available for robot requests, which means that the machine sends the question and gets the answer as if it was a human request. So a vending machine will be able to go online, scroll down the reviews on chocolate bars and choose the one with the highest review rating. Plus REVAIN reviews can’t be faked or altered. This is truly revolutionary for the future machine communications and as we see technology is booming so the application of these developments is universal. REVAIN crowdsale started 3 days ago and already accumulated 1020BTC proving that the platform with this kind of functional features has been awaited and receiving huge support from the community. The sale will last till September 6. If you wish to support the development of the platform, feel free to join here: https://crowdsale.revain.org/

Well, it looks like the future is now. We might not be able to evaluate the whole impact the blockchain is going to make on human — to — machine and machine — to — machine interactions now, but the amplitude is super intriguing.

REVAIN crowdsale is scheduled to last till September 6, 2017.

Press and Media Inquiries:

contact@revain.org

Major Exchange Faces System Overload as Bitcoin (BTC) Plummets After Yesterday’s Surge

bitcoin (BTC) Plummets Below $4,000 Amidst Market Sell-Off

Major Crypto Exchange Faces System Overload Amidst Market Volatility

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