Bitfinex Resumes Trading After Unexpected 2-Hour Outage as Crypto Markets Surge

Initially, the company wrote that the platform was unavailable only “to some users” and apologized for the inconvenience, without specifying a cause for the outage.After remaining inaccessible to users for a little over two hours, the exchange announced it is back up and running with full functionality.Bitfinex is currently the world’s 18th largest crypto exchange by adjusted daily trade volumes.More recently, Canadian crypto exchange QuadrigaCX has become embroiled in controversy following the sudden death of its CEO. According to the exchange, the firm has lost access to users’ funds — allegedly stored on cold wallets — because its CEO was the only person with access to them.

USD backed stablecoins are procured by Bitfinex

Cryptocurrency exchange Bitfinex and its spin-off Ethfinex have mustered support for four new major USD-backed stablecoins, pertaining to an blog post published Dec. 4. Per the announcement, both exchanges have announced stablecoins USDC, True USD (TUSD)Paxos (PAX) and the Gemini dollar (GUSD) in a intention to keep the platforms “agnostic.” The four new stablecoins join the already supported Ethereum-backed coin DAI and the industry stalwartTether(USDT), which are to be traded against USD. Explaining the move to be an effort to provide an “unbiased meeting place” for crypto traders, the exchanges note that deposits and withdrawals for the recently added stablecoins are limited to verified traders within their platforms, while trading verification status does not affect trading.