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Crypto Exchange BTC-Alpha Sells Bitcoin at $3,000, Technical Issues to Blame

  • Yuri Molchan
    📰 News

    Last week, the BTC-Alpha crypto exchange faced technical issues that allowed its users to buy Bitcoin at the price that made investors suffer in the fall 2018


Crypto Exchange BTC-Alpha Sells Bitcoin at $3,000, Technical Issues to Blame
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Registered in the UK the BTC-Alpha exchange, whose CEO and co-founder, Vitalii Bondar, comes from Ukraine, faced some technical issues on Friday last week.

As the Chinese say, problems always contain opportunities. This was particularly true for BTC-Alpha users: while the platform’s team was doing their best to solve the issues, traders had a chance to buy Bitcoin at the price of $3,000, which was the level where Bitcoin was trading last fall, during the ‘crypto winter’.

Many traders made some excellent BTC deals that day.

Technical hurdles

Early on Thursday last week, traders on the platform saw that strange things were happening to the Bitcoin price – it was ranging between $8,500 and $11,500.

The situation made the team close trading until midnight. The exchange posted an explanation that the team had to roll the system back to the most recent backup due to some trouble with the database. A technical issue, as it was briefly put by the team in the blog post.

Traders and investors were offered compensation for their inconvenience. In the blog, the co-founder Vitialii Bondar stated:

The BTC-Alpha exchange apologizes for unforeseen technical work and the inconvenience caused. The team took the necessary measures to avoid similar situations in the future. In this regard, we provide all users with -50% on the trading commission for the next 7 days.

Bitcoin bargains on BTC-Alpha

Every cloud has a silver lining – while the exchange was facing technical issues, traders had a chance to buy Bitcoin at the price of $3,000 with many conducting those lucky bargains.

The management of the exchange quickly got aware of the trouble and shut down the trading until all the nuances were solved and the Bitcoin price went back to normal.

All balances and orders will remain intact. Money to cover the executed orders will be used from the BTC-Alpha personal closed reserve fund.

Cover image via www.123rf.com
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About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today.

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