ROAD TOWN, British Virgin Islands, April 30 2020 – Bitfinex, a state-of-the-art digital asset trading platform, demonstrated its capacity to handle a surge in trading volume with the bitcoin price jumping 15 percent yesterday as the digital gold narrative once again captivated investors.
As a resurgent Bitcoin price reawakened interest among retail investors, some cryptocurrency exchanges buckled under the strain of servicing requests from customers seeking to buy Bitcoin. A major cryptocurrency exchange even suffered a brief outage on Wednesday after being inundated with customer requests as the price of Bitcoin spiked upwards beyond $9,000.
Meanwhile, Bitfinex’s state-of-the art trading infrastructure once again proved that the exchange is in a class of its own, being able to offer a trading experience more akin to a conventional stock exchange than the nascent digital asset space. Bitfinex’s infrastructure has in the past demonstrated phenomenal high-performance data input and delivering mechanism, being able to service 118,000 customer requests per second (without including websocket data).
“As always Bitfinex has demonstrated itself to be a resilient trading venue in periods of extreme volatility,” said Paolo Ardoino, CTO at Bitfinex. “As bitcoin quickly evolves into an established asset class there has never been a greater need for a venue that can guarantee a reliable and scalable trading infrastructure. Bitcoin’s resurgence has once again made a mockery of those so eager to write an obituary for the digital gold.”
Bitfinex has the most liquid bitcoin and Ethereum pairs, based upon order book depth analysis by specialist blockchain and crypto news outlet The Block. The Block’s research, which analyzed the order book depth for US Dollar pairs for bitcoin, Ethereum and XRP on 21 leading cryptocurrency exchanges, found that Bitfinex has by far the most liquid bitcoin pair with combined orders of $60 million. Furthermore, Bitfinex was found to have the most liquid Ethereum pair, with combined orders of $12.6 million.
“Over the past 24 hours we’ve witnessed extensive buying activity and the high level of scalability and liquidity evident on our platform made us able to seamlessly service all these requests,” said Ardoino. “On the other side of the coin, when the Bitcoin price plunged by 50 percent on March 12/13, we were equally robust in navigating the volatility.”
Bitfinex’s underlying strength and depth of liquidity was most evident over a 24-hour period on March 12/13 when the price of bitcoin plummeted by 50 percent. According to CryptoCompare’s March Exchange Review, Bitfinex represented the majority of top-tier exchange trading volume across bitcoin/US Dollar (BTC/USD) and bitcoin/Tether (BTC/USDT) markets during the period of bitcoin’s precipitous price drop.
Bitfinex’s place as the go-to place to trade, providing genuine liquidity, was most apparent during the first hour of bitcoin’s massive price drop, according to CryptoCompare. Among top-tier exchanges excluding Coinbase, OKEx and Bitstamp, “between 10:40 am and 11 am, it represented 40 percent of volume on average among these exchanges,” the report continued. During the brief period, Bitfinex was handling up to $11.8 million worth of trades per minute.
Bitfinex is leveraging its position as a one-stop-shop for crypto trading, offering a variety of services, including margin trading with up to 5x leverage. The exchange also offers users access to a perpetual swap contract offering 100x leverage through its affiliate, iFinex Financial Technologies Limited.
About Bitfinex
Founded in 2012, Bitfinex is a digital asset trading platform offering state-of-the-art services for digital token traders and global liquidity providers. In addition to a suite of advanced trading features and charting tools, Bitfinex provides access to peer-to-peer financing, an OTC market and financed trading for a wide selection of digital assets. Bitfinex’s strategy focuses on providing unparalleled support, tools, and innovation for experienced traders and liquidity providers around the world. Visit Bitfinex to learn more.
Media Contact for Bitfinex:
Joe Morgan
Senior Public Relations Manager
joe.morgan@bitfinex.com
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