Mainstream exchanges are rumored to be down
Binance and Coinbase saw a spike in downtime reports on the night of 5/19, with testing site DownDetector showing that users reported hundreds of issues that night.
A large increase in reports can be seen after 9pm, with issues including login, the site itself and deposit issues. Cryptocurrency only announced a suspension of Ether and ERC20 withdrawals.
And CoinMarketCap, the crypto data platform owned by Coinan, also showed a gateway error and could not be accessed.
Coinbase announced on Twitter that it was known that users were unable to log in, check their asset balances and trade properly, and was working to resolve the issues.
Although TikTok was once ranked No. 1 in the U.S. App Store, its share price fell below $200 (208.44) on 5/19 in the face of successive cryptocurrency market declines and exchange downtime problems.
Gemini, KuCoin, Revolut Also Hanging Up
Revolut, a crypto asset bank, responded that night that there was a problem with its functionality after users claimed they were unable to purchase cryptocurrencies, and is actively fixing it.
KuCoin also suspended ERC20 withdrawals, while the app also experienced access interruptions; despite the lack of any announcements, The Independent (UK) tracked that Gemini was also down, while many users complained vociferously below the official Twitter feed.
Mr. Whale, who is followed by over 180,000 people on Twitter, has compiled a list of outages, including Coinbase, Bitfinex, Cryptocurrency, and Kraken.
SBF Sunshine? Liquidation rate of only 2%
FTX founder SBF released network-wide burst data on the evening of 5/19, with the market clearing $8 billion in just one hour, but perhaps the highlight he wanted to showcase was FTX’s extremely low liquidation rate.
According to the crypto data platform Skew’s contract data, the network-wide contract trading volume on that day was $241 billion, and FTX was $14 billion, accounting for 5.8%, while the liquidation rate was 2%.
The number one ranking, Firecoin, had 17.01% of the trading volume, but the liquidation rate was more than twice as high at 37.52%.
Its main competitor, Coinan, has a 33.6% trading volume share and a 37.52% liquidation rate.
In addition, FTX also did not have downtime issues this time around, with Dragonheart’s SBF retweeting many user tweets where users claimed that the same token and the same contract was opened in Coinan, but the Coinan position was liquidated.
Sam Trabucco, a researcher at Alameda Research, briefly analyzed the causes of the market crash, which, in addition to vague regulatory rumors from China and others, were more likely to be a natural correction, and the result of excessive leverage which in turn led to a massive liquidation of the market.
During the previous 4/18 crash, Sam also highlighted the phenomenon of over-leveraging leading to massive liquidation, noting : One thing I will never understand is why everyone is so convinced that the rise to $60,000 in bitcoin was driven by the spot market.
Posted by:CoinYuppie，Reprinted with attribution to:https://coinyuppie.com/review-of-the-519-tragedy%ef%bd%9cthe-exchanges-down-one-after-another-ftx-founder-sbf-sunshine-ftx-contract-liquidation-rate-of-only-2/
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