Crypto Market Adds 4% After BitMEX Experiences Temporary Outage

After weeks of bouncing around in the $6,000 to $6,600 range, BTC broke out to as high as $7,000 on Wednesday morning to the surprise of many investors. Oddly enough, many analysts and industry leaders were able to pinpoint a single catalyst for this bout of positive price action.Bitcoin Shows Signs Of Strength, But Will It Last?On Sunday, BitMEX announced that it would be performing scheduled maintenance on its trading engine, which would result in a short period of downtime on Wednesday morning (GMT). While this announcement may sound mundane on the surface, many drew attention to BitMEX’s role as a primary medium for traders to speculate on prices, coupled with the influence the platform has on the market. Elaborating, these users noted that the exchange’s downtime, albeit ever so short, could result in a temporary burst of abnormal price action.Scheduled Performance Upgrade on Weds, August 22 at 01:00 UTC:

Like this article? Take a second to support us on Patreon!