Bitfinex has suspended its USD, EUR, JPY, and GBP deposits temporarily and expects the situation to normalize within a week. This has been while the market goes through serious sell-off with cryptos running in the deep red.
Amidst Bitcoin selloff, Bitfinex suspends fiat deposits
According to the Coinmarketcap data, Bitfinex ranks at 4th spot with the daily trading volume of $668 million that has seen a rise of over 150 percent just like a number of other exchanges as crypto sell-off accelerates in the red market.
Bitfinex is a spot trading platform for cryptocurrencies viz. Bitcoin, Ethereum, EOS, Litecoin, Ripple, NEO, Monero, and a number of others that also offers margin trading “up to 3.3x leverage trading by providing traders with access to the peer-to-peer funding market.”
Now, amidst the red market and Bitcoin selloff, the exchange has suspended the fiat transfers as reported by the trader Crypto Squeeze on Twitter:
— Squeeze (@cryptoSqueeze) October 11, 2018
Recently, the company released a post in response to the insolvency rumors. It has stated: “Bitfinex is not insolvent, and a constant stream of Medium articles claiming otherwise is not going to change this.”
It also stated, “Both fiat and cryptocurrency withdrawals are functioning as normal. Verified Bitfinex users can freely withdraw Euros, Japanese Yen, Pounds Sterling, and U.S. Dollars.”
Further adding, “Stories and allegations currently circulating mentioning an entity called Noble Bank have no impact on our operations, survivability, or solvency.”
All this has been while the cryptomarket is in deep red. Though it is yet to be seen if Bitcoin will test the $6k mark, Bitcoin is maintaining its position above $6,250. Max Keiser retweeted:
It would be both hilarious and amazing if the $6K lows hold even as @BitMEXdotcom liquidated 1/3 of a TRILLION dollars worth of bitcoin contracts. #bitcoin $BTChttps://t.co/fsT9vjZzSQ pic.twitter.com/yfEIVbr8YB
— Ðan Ξmmons 🐺⚡ (@Emmonspired) October 11, 2018
At the time of writing, Bitcoin has been sitting at $6,280 with a loss of 4.50 percent in the past 24-hours.
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I am an entrepreneur and a writer with a bachelors degree in Computer Science. I manage the blockchain technology and crypto coverages at Coingape. follow me on Twitter at @arya_achal or reach out to me at achal[at]coingape.com.