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BTC’s Looming All-Time-High Sees Poloniex Exchange Go Down

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Poloniex, one of the notable crypto exchanges out there, has gone offline, with Bitcoin already setting its sights on a new all-time-high for the currency.

Apologies With No Hard Explanation

The exchange’s customer support, ever informative as they are, explained that an unexpected issue has caused Poloniex to be rendered unavailable. In the tweet issued on Friday, the exchange assured the public that this issue was being investigated, promising to keep the public updated throughout the process.

Bitcoin has seen a staggering upward swing in its price action through these recent weeks, catching the eye of institutional players while doing so. With this massive spike in traffic, crypto exchanges tend to strain under it, sometimes even buckling. After the exchange goes down, traders are locked out of doing business until the matter resolves.

Even The Largest Roads Can Get Clogged

While unwanted, an exchange going down due to a massive surge in traffic happens, and has happened with big names like Coinbase and BitMEX in the past. This was especially prevalent during the market collapse back in march, where staggering levels of volatility boosted volumes to incredible heights.

In a follow-up tweet, Poloniex highlighted that it was officially out of maintenance mode, with many of its services slowly coming back into play. First was the margin and spot markets, albeit on a post-only mode, then the futures contract trading made a comeback.

The Mystical $20K Bitcoin Very Close

Bitcoin, as it stands now, is a few simple steps away from reaching its all-time high of just shy of $20,000. The year 2020, with all of its chaos and misfortune, has caused many eyes to focus on Bitcoin as a financial asset. As a result of its qualities and the trying times of 2020, big names like Square, Paul Tudor Jones, and Microstrategy have all piled into the Bitcoin hype train, buying sizable holdings.

This trend extends to general institutions, as well, with institutional players holding significant amounts of Bitcoin. As a result, it was shown that only 3.4 million BTC is up for grabs for regular traders.

As it stands now, no real response was given as to what the reason was for the exchange outage, with Poloniex not seeming particularly keen on showing the pu4blic the truth.

With any luck, Bitcoin will go up to reach a new all-time high. IN the current climate, this could potentially cement its position for institutions, which would increase mainstream integration significantly.

Source: https://insidebitcoins.com/news/btcs-looming-all-time-high-sees-poloniex-exchange-go-down

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Facebook’s Libra Could Reportedly Arrive in January 2021 in a Scaled-Down Version

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  • Although Facebook failed to launch Libra in mid-2020 as initially planned, the social media giant could do so in early 2021.
  • Finance Times cited three people working on the project claiming that Libra’s long-awaited launch could come in January 2021 but in a scaled-down version.
  • CryptoPotato reported before that Libra already changed its original idea from being a “single global digital currency” to creating a series of various digital coins. 
  • The FT coverage asserted that Libra could see the light of day after receiving approval to operate as a payments service from the Swiss Financial Market Supervisory Authority (FINMA). However, the Libra Association would initially release just a single coin backed one-for-one by the dollar. The other set of currencies would be rolled out later, should the FINMA application is successful.
  • Facebook rattled the financial world last year after announcing plans to launch its own cryptocurrency called Libra. After receiving scrutiny from world watchdogs, the Libra project underwent numerous changes, including executive replacements.
  • Libra suffered more blows when several notable partners left. Those included PayPal, Mastercard, eBay, Vodafone, and more.
  • In an attempt to salvage the project, the Association decided to make further changes by renaming Libra’s wallet provider from Calibra to Novi.

Featured Image Courtesy of AlJazeera

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Source: https://cryptopotato.com/facebooks-libra-could-reportedly-arrive-in-january-2021-in-a-scaled-down-version/

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Bitcoin Worth $500 Million Withdrawn From OKEx as Users Look for Other Alternatives

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Users withdrew a record 29,300 BTC from OKEx after the Malta-based cryptocurrency exchange resumed withdrawals yesterday. This comes after bitcoin (BTC) price kickstarted its epic freefall dropping to levels near $16,500 before bouncing back up again. But what is the reason behind the massive bitcoin exodus out of OKEx?

OKEx Sees Significant BTC Withdrawals And Deposits

As per the latest update from on-chain and market analysis firm Glassnode, OKEx users have withdrawn a record 29,300 bitcoins after the exchange gave the green signal for resuming withdrawals yesterday. These BTC transactions amount to roughly $5 billion (considering the current spot rates).

Glassnode also observed a deposit of 21,600 BTC on OKEx. Withdrawals and deposits together had a depreciating effect on the exchange’s overall bitcoin balance which reduced to around 212,000 BTC.

The potential cause behind the massive exodus of bitcoin holdings could be a result of users leaving OKEx in search of other alternatives. Binance, Huobi, and some third party wallets were at the receiving end of the initial bitcoin transfers from the exchange.

Users Dissatisfied With OKex; Seek Other Alternatives

OKex announced the resumption of withdrawals on November 19. Few folks welcomed the developments, but most of them seemed miffed with the exchange’s recent bitcoin and crypto withdrawal suspension, with a lot of users demanding compensation else they make their move to other platforms.

Large BTC Deposits Point To ‘Centralized Failure’ Risks

As reported by CryptoPotato, OKEx had more than 200,000 BTC stored in their wallets during the ‘withdrawal lockdown.’

Although OKEx CEO Jay Hao assured users that their funds are safe and that there’s no “cause for alarm,” the vastness of the above bitcoin stash is pretty alarming. Especially because it is controlled by one single organization.

What’s more disappointing is that the official who had access to the private keys was ‘out of touch’ with the management. The OKEx personnel wasn’t able to reach out to him. This is not desirable since it poses huge risks to these BTC stashes falling prey to coordinated attacks that target centralized points of failure.

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Source: https://cryptopotato.com/bitcoin-worth-5-billion-withdrawn-from-okex-as-users-look-for-other-alternatives/

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