BREAKING: Bitcoin [BTC] pumps as BitMEX reports technical issues; customers switch to Deribit

BitMEX has been struck with yet another technical failing, according to an official announcement on their Twitter page. This comes after users reported issues for the past 2 days. The exchange, which is widely used for its short contracts, recently reported a WebSocket error on its page.

This represents the second issue the exchange has experienced in the short span of under two months. In August, the exchange also underwent a Distributed Denial of Service attack, facing issues with its data fetches and log in.

On their Twitter, they released details of the issue they faced, stating:

“We have been experiencing WebSocket issues. We have since resolved this issue and continue to monitor on our side. Please note that a disconnected WebSocket can potentially display a zero account balance and we ask users to be patient while their WebSocket reconnects.”

This was also the problem mentioned by many on Twitter, along with a host of other issues such as orders not being displayed, reduced liquidity as observed by empty candles on charts, and “trouble keeping the live data feed open”.

A spate of BitMEX customers expressed their displeasure at the exchange. User Kevin Zalokar said:

“How about spending $500k a month to improve your product instead of spending it for a office? BitMEX and Arthur reminds me somehow more and more on Stratton Oakmont & Jordan Belfort.”

User Flood [BitMEX], who has since changed his name to Flood [Deribit], stated in a series of tweets:

“BitMEX down but orders still going through. What a f***ing joke. I’m not rekt at all…in fact I’m long. Merely commenting on the performance of this ‘exchange’.”

This also culminated in his moving to Deribit, the direct competitor of BitMEX. He stated:

“Orders are not being displayed on BitMEX. This is unacceptable. I am in the process of moving all my funds to deribit.”

Another customer, Ernest B Shackleton, stated:

“Can confirm – balance gone, active position not showing and unable to withdraw. but yes, sure thing @BitMEXdotcom is ready to support institutional investors.”

The report of technical issues was followed by Bitcoin [BTC] breaking one of the crucial trend lines that it has observed over the past week. It has also demonstrated historically low volatility and is the lowest observed on BitMEX since its inception.

It broke past the $6650 resistance and went up to meet the $6680 limit. However, it is currently beginning a bounceback, trading at around $6666.