Bitcoin Forum

Poloniex exchange was shut down for unexpected maintenance early yesterday morning. While the problem was largely seemingly resolved shortly thereafter, some argue that the action was shady because the downtime coincided with significant Bitcoin price movements.

The exchange said it was the first time they were offline right before 00:00 GMT. Almost all systems are now back to normal, but the GRIN / BTC market is not working yet.
The shutdowns are nothing new and the similarities are that they appear during volatile market times. This led some observers to think there was an intention behind it, such as closing to try and stop the famous violent moves of Bitcoin.

However, an equally plausible explanation is that strong market dynamics create a great demand for exchanges, which in turn leads to a spike in overcrowding of critical services. It could be that the exchange has not yet prepared for high traffic, not necessarily bad play.

The sudden blackout at Poloniex coincided with the time of market fluctuations. Bitcoin has increased by nearly 1.22% in the past 24 hours - currently trading above $ 7,550 again. According to some observers, this could also be evidence of bad play.

Therefore, it seems that this current outage is the result of being played badly behind the scenes at Poloniex.

I think the price increase is due more to the fact that some economies are starting to come out of the first phase of CV-19, and are tentatively re-opening for business. Whatever bitcoin may be eventually, for the moment its performance correlates positively with traditional markets. We saw a huge price drop as the lockdowns took hold across the world and the full impact of CV-19 became apparent. Since then, for the past month or so, we've seen steady upwards price movement in bitcoin and alts. This will likely continue, barring something such as the US re-opening too quickly and suffering a second wave of CV-19 that's worse than the first. In general if countries are cautious and implement gradual phased re-opening whilst maintaining social distancing and implementing contact tracing and testing, then prices should rise.

I don't think in this instance the price rise has anything to do with an exchange. Bitcoin price movement is always bumpy, and this applies even when the trend is consistently upwards - sometimes the price will have little upwards jumps, sometimes not.

What about halving? 14 days are left and traders should start to show more activity, if they want to pump the price and get maximum profit from newbie that will buy high.

Generally, I agree what Cnut237 said. Lockdown has become not so strict and people slowly started to get back to their life/working routine.

You should be familiar with this at a number of large exchanges, especially exchanges that support margin trading or futures trading. There, the whales and exchange operators have colluded with each other to make a big profit from traders. On March 12 at Binance exchanges, my mentor was completely defeated due to this fraud game by the whales. Bitcoin's strong dump cost my teacher about $ 620k in 2 hours. he forgot to place a stoploss and when the market was volatile, he re-entered everything that was frozen and completely unable to control the order. so be careful when trading and never forget to set stoploss unless you scalping.

It may become one of the main reason but some people have accused poloniex. We will see that what will be happening with polo. For some countries are still doing total lockdown. Basically when you wanna try to make a deal with crypto and you will not need a difficult way. You can even do that with online payment system.

But we cannot relate the lockdown with the current pump, maybe there are certain factor but provably its small percentage only and maybe the one of the biggest contributor for the current happening is the poloniex and hype start when people see the ups and bought some for staking.

well i think that is the main reason why bitcoin price suddenly goes up which is the upcoming halving, and maybe the government  realize that crypto currency will have a great role in this covid pandemic. Countries is urging people to use digital currency instead of fiat/ cash.

I think the recent price movement is due the fact the halving is 2 weeks away and the general sentiment is that price will increase after the halving as seen in the bull markets of 2017 and 2013 which were the result of the halvings in 2016 and 2012, respectively.

It so facinating thats events anywhere in the world could have a major impact on BTC. I am not always familiar with the facts and usually I just follow some of my crypto friends.

Then you must follow the news on your own and don't just depend with your friends. What if there are no friends that you can rely on regarding crypto news and updates that can affect the price of bitcoin?

Every single news that comes from exchanges, most of the time they affect the price of bitcoin. If those exchanges are huge then they really matter. Like those news from Coinbase, Bitmex, Binance, etc. whenever you see news about them, look at the price and observe.

Sometimes being alone in crypto is hard, it is pretty amazing actually how we turn strangers into friends because of crypto there's a lot of them in telegram channels ( but beware of the scammers ) sometimes other's opinion can influence yours, so it's better to hear other's viewpoint towards the market.

Exactly like binance. Binance to date is the biggest crypto exchange, high volume trading and liquidity most numbered users who could've think that the project in 2917 will going to be the biggest in 2020?
News although manipulated helps the people to speculate causing the prices to surge, like a cold and hot air making prices go wild however news are not always true, at the end of the day it is you that will matter, you're decision making will be your biggest enemy.