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📈 Price Predictions
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Bitfinex Is Down: Fret Not, It’s Just Maintenance… Or Is It?

  • Thomas Hughes
    📈 Price Predictions

    Bitfinex servers went down and the website displayed the message “Scheduled Downtime – Back Soon”

Bitfinex Is Down: Fret Not, It’s Just Maintenance… Or Is It?
Cover image via u.today

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Monday, Jan. 7, 2019, Bitfinex servers went down and the website displayed the message “Scheduled Downtime – Back Soon”. According to the cryptocurrency exchange, the maintenance was planned, and part of an attempt to upgrade “from the AWS cloud to a self-designed infrastructure optimized to high volume trading”.

However, some voices in trollboxes around the web were quick to speculate that Bitfinex is down for other, more obscure reasons. For now, there’s no evidence that Bitfinex is experiencing any sort of problems and we expect them to be online soon. Although Bitfinex is one of the largest exchanges, the price of Bitcoin hasn’t been affected in a negative manner by the downtime, and it’s even testing the key $4,000 mark.

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Currently trading around $4,030 (aggregate price, CoinMarketCap), Bitcoin has posted gains of more than 4% for the last 24 hours and almost 6% over the last 7 days. Most of the gains came yesterday, in a surge that lasted just a few minutes and took price above the 200 Exponential Moving Average on a 4-hour chart.

The quick move up could be attributed to low liquidity generated by the beginning of the new year or to whales moving large amounts of Bitcoin but either way, a key technical element was broken (200 EMA) and this will likely facilitate additional moves to the upside. Keep in mind that the RSI has already touched 70 (overbought) and is turning down, which means that we may see a pullback.

Support zone: 200 EMA (4-hour chart), 3820, 3700 (depending on your exchange, these numbers could be different, but the charts look almost identical)

Resistance zone: all round numbers above current levels (i.e. 4100, 4200, 4300, etc.)    

Most likely scenario: drop into 200 EMA followed by a move into 4100

Alternate scenario: sideways movement; no follow up to the weekend surge

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About the author

Thomas Hughes is an executive editor of U.Today. He is a skilled cryptocurrency trader and technical analyst deeply immersed into the cryptocurrency & blockchain technology area.

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📰 News
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Jim Cramer Suggests WeWork Isn't Worth Anything Because of Its Immense Debt

  • Alex Dovbnya
    📰 News

    SoftBank is expected to breathe new life into struggling WeWork, but Jim Cramer says that the company is plagued by a massive debt

Jim Cramer Suggests WeWork Isn't Worth Anything Because of Its Immense Debt
Cover image via u.today

Market analyst Jim Cramer told The Street that WeWork is really negative worth because of all its gargantuan debt. 

Having someone having leased is great idea, but it was, it was a leasing company, and I'm not going to diminish the fact that it was, at one point this fabulous story because it was growth, growth, growth, but it also was debt, debt, debt. 

On Oct. 22, CNBC reported that SoftBank would take control of WeWork while former CEO Adam Newman would maintain a small double-digit stake in the workspace rental company. 

It is expected that SoftBank would be able to get WeWork on a path to profitability, something that Uber and Lift, which recently launched their respective IPOs, are struggling to achieve. The Japanese giant could fork out an additional $5 bln to fund the embattled leasing company. 

Newman will reportedly walk take a cool $1.7 bln as part of the deal that would put WeWork's valuation to $8 bln on a pre-funding basis (a small fraction of the $45 bln it was worth before its failed IPO). 

WeWork was supposed to go public in September after confidentially filing for an IPO back in April, but its the hype around its public offering gradually started to dwindle and ended an in an epic fallout.  

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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