BitBay Facing Outage as Crypto Trade Surges

BitBay, a Polish crypto Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term, is facing an outage due to network problems with its external service provider.

As many users are facing issues in opening the exchange platform, the exchange took Twitter to officially announce the ongoing network issue.

Już niedługo powinniśmy wrócić online. Jesteśmy w kontakcie z dostawcą. Nie życzymy nikomu awarii w tym czasie :( Wszystko trwa dłużej.

— BitBay (@BitBayPolska) March 26, 2020

Though the web address of the exchange is momentarily reachable, traders are facing many anomalies with its services.

The exchange assured that it is already in touch with its service provider and looking into the issue.

A surge in demand broke the system?

Touted as Poland’s largest crypto exchange, BitBay has reported a significant increase in its trade volume over the past two weeks.

Per the exchange, it has recorded its peak on March 13 when the volume of Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term-Polish złoty (PLN) pair hit a peak of 11,233 BTC with a fiat value of around $75 million in merely 24 hours.

Though traders prefer other European exchanges for trading with the euro, the Polish exchange’s BTC-EUR pair also peaked on March 18, recording a trading volume of 223 Bitcoins.

In the last 24 hours, the exchange handled more than $39 million in trading volume for its listed trading pairs.

Notably, the surge follows the lockdown in Europe due to the outbreak of COVID-19. As people are stuck in their homes, many are considering an investment in digital assets.

Last year, the digital currency exchange also changed its payment provider, switching to Payment Technologies to handle PLN deposits and withdrawal services as its previous partner was facing banking issues.

Though the exchange’s primary customer base is in Poland, it moved its operations to Estonia last November, given the clear crypto laws of the jurisdiction.