Bithumb and Huobi went offline due to heavy traffic and crash during the early hours. These top exchanges of Asia’s market informed their users through twitter about this shutdown caused by congestion as they were overwhelmed by the instant increase in traffic during the crypto market crash. Both exchange successfully restored their operations and back online after a few hours.
The crypto market is already going through a crisis like situation, however, on Friday morning the situation turned worst when Bitcoin price hit a record low of $4K. This massive drop in the price of one of the major cryptocurrency created a fear among the crypto trader and most of the users rushed to sell to avoid any further loss. Nonetheless, the market bounced back after a few minutes.
Bithumb, a popular crypto exchange based in South Korea, experienced the same instant spike of users and they informed their users about this unexpected technical problem through official social media handle.
One of the largest crypto exchanges and 4th largest in the world by liquidity, Huboi has also faced a similar technical issue. The instant surge of users put an additional load of the exchange servers leading to a freeze and technical breakdown.
Along with the congestion of exchanges due to the crypto market crash, the Ethereum users were also faced considerable delay with withdrawals and deposits of ETH and ERC-20 tokens due to heavy congestion in the network. Furthermore, the traders were unable to process the transaction smoothly in cryptocurrencies. Along with longer wait time, the fees spiked was also noticed in the Bitcoin network due to this slowdown. There was also a spike in gas price along with a significant delay of up to 44 minutes. The system was managed to come back to normal, once the crypto market rebound and the price moved to a stable region.