Bitcoin [BTC], the largest cryptocurrency by market cap, saw a dramatic price action yesterday, with the coin breaking through an important milestone – $9000 mark, and also losing around $1000 in its value within a few hours. Taking into this sudden increase and massive decrease, it was reported that both longs and short approx. to $32 million was liquidated on BitMEX, one of the leading margin trading platform.
Notably, during the same timeframe, BitMEX experienced a WebSocket API latency, as reported by the exchange earlier today. The timeframe was reported to be 16:00 and 17:00 UTC on 30 May 2019, and the reason behind the “substantial lag” was stated to be “spikes of traffic” in the trading engine “during large market moves”, however, the exchange did not mention the exact time latency it experienced.
A blog post by Teamtreehouse described WebSocket as,
“WebSockets provide a persistent connection between a client and server that both parties can use to start sending data at any time”
This issue could have led to a lag in the actual price displayed on the website, thereby resulting in a possible disruption of trade among the customers. The exchange further stated that this problem would be solved in the coming few days as the team is planning to lower the overall latency of the WebSocket feed with its Testnet release this week, following which it would be released to the main platform.
The exchange stated,
“During this period some WebSocket connections also experienced dropped market data updates as memory limits on an internal messaging layer were hit, forcing reconnections.”
Cuban, a Twitter user said,
“This happens very regularly every day. Your horizontal scaling effort makes sense to address the overload but why on earth is your price feed constantly inconsistent? I hope the team realises why you are losing liquidity and market share to competitors.”
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Coinbase, HitBTC, WazirX report Cloudflare outage issues
The world’s leading cryptocurrency exchange, Coinbase, reported experiencing intermittent access issues which was traced to a Cloudflare outage. In a blog post, Cloudflare reported that it observed network related issues on Monday morning.
The support team revealed that Cloudflare identified a potential “route leak” which affected some of its IP ranges, shortly after the news broke out on mainstream media. The issue was solved in less than two hours after the network responsible for the route leak was fixed, the official blog post said.
Around the same time, Indian cryptocurrency exchange, WazirX, also reported access issues across its website and apps. The affected companies also included HitBTC, the Hong Kong-based exchange which also reported difficulties in their web interface.
“Half the internet is experiencing the same issues since the cloudflare and many internet routes appear to be down.”
After resolving the issue, Cloudflare, which is a US-based content delivery network service, stated,
“Traffic levels have returned to normal now that the route leak has been fixed. We are now marking this incident as resolved.”
Most of the affected sites showed an error which said, “Connection timed out.” Cloudflare has not revealed the name of the network involved as of yet. It is also unclear if all the affected websites had started operating normally. A myriad of websites including Overcast, Discord, WP Engine, Sonassi, Feedly, Crunchyroll among many others that completely rely on web hosting or who partner with Cloudflare for their CDN service, were also affected.
The affected areas can be seen in the picture below.
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