Just three weeks ago, on Feb. 12, Bitcoin’s price crossed the $50,000 threshold. Fundstrat Global Advisors Head of Digital Strategy Sean Farrell said, “This rally in the near term certainly has some room to run.”The spot rally on cryptocurrency exchanges surged to just past $70,000 on Friday, Mar. 5, before retracing to where it is currently. So, after crossing $50,000, the rally sure had some room to run.
“However, this trend has been long-coming: the share of BTC traded on weekends has declined significantly over the past six years, dropping from 24% in 2018 to just 17% in 2023.” The exchange experienced an outage after it was unable to handle the volume of requests. As a result, a technical glitch also told account holders they had zero balances on their accounts.“Apps are now recovering. We had modeled a ~10x surge in traffic and load tested it. This exceeded that number. It’s expensive to keep services over-provisioned, but we’ll need to keep working on auto-scaling solutions, and killing any remaining bottlenecks.
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