Bitcoin prices soar overnight – and scheduled maintenance is reportedly why

Maintenance work at the BitMEX trading platform proved a catalyst for a sudden price rise for Bitcoin and cryptocurrencies…

The price of Bitcoin rocketed northwards for the first time in a while overnight, along with that of pretty much every cryptocurrency. As thing stands, Bitcoin has risen nearly 7% overnight and stands at a price of $6741, whilst the likes of Litecoin, EOS, Vechain and Bitcoin Cash all enjoyed jumps of over 7% across the last 24 hours. The board of coin prices is green pretty much down the list of the CryptoCompare top 25.

The reason for the sudden spike in prices? Well, it’s being put down to scheduled maintenance, of all things.

The price of Bitcoin suddenly zoomed from its sub-$6500 level to just shy of $6900 in a matter of minutes on Tuesday night. This spike came at the point when the BitMEX trading platform went down for the aforementioned maintenance. It seems that the shutting down of the platform led to some quick speculation, with people buying at the point of maintenance beginning, and selling again when BitMEX came back up. A temporary price distortion between different exchanges added some fuel to the sudden run on Bitcoin too, it seems.

The price of the currency has settled back down a little since BitMEX came back online. But the maintenance did go on a little longer than expected, courtesy of a DDoS attack on BitMEX. Login stability was eventually established, and BitMEX announced that it was reopening its doors…

Since that point, volume of trades has fallen back sharply to normal levels, and the price of Bitcoin has dropped back. It’s still notably up on yesterday, though…

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