Exponential Growth: Cryptocurrency Exchanges Are Adding 100,000+ Users Per Day
Major Bitcoin and cryptocurrency trading platforms within the global market have been adding more than 100,000 users per day.
Many of the leading cryptocurrency exchanges such as Coinbase (GDAX), Binance, Bittrex, Bitstamp and Kraken have struggled in dealing with the abrupt surge in demand for cryptocurrencies. Some exchanges have overhauled their systems to improve their scalability, while others have temporarily stopped opening new user accounts.
Bittrex Stops Creating New Ethereum Deposit Addresses Due to Network Congestion
Given the recent increase in the transaction fee of Ether, Bittrex has disabled Ether deposits onto its trading platform temporarily. As seen in the chart below provided by Etherscan, the transaction fee of Ether has increased drastically over the past week, forcing Bittrex to take an extreme approach by disabling Ether deposits onto its platform.
FORTUNE GOES ALL-OUT FOR BITCOIN AS COINBASE CEO ADMITS ‘BUBBLE’
Fortune has devoted the entire front page of its first 2018 edition to Bitcoin, announcing it has “all the answers” about its behavior this year.
In an extensive analysis of the potential upsides and downsides for investors over the next twelve months, the publication focuses on bubble fears and includes some surprises from cryptocurrency industry figures.
“Just like the platypus is not good at being a reptile, a beaver, a duck, or an otter, but it’s great at being a platypus,” Blockchain Capital’s Spencer Bogart told the publication in discussing Bitcoin’s status.
COINBASE ANNOUNCES THEY WILL NO LONGER ACCEPT DEPOSITS FROM NATIONWIDE BANK
Coinbase will no longer be accepting deposits from Nationwide bank. The move comes due to the bank’s SEPA processing being handled by German bank Commerzbank, who has a new companywide policy of not dealing with money related to Bitcoin.
The Coinbase website has announced that they will no longer be accepting deposits from Nationwide Bank. Nationwide’s line on events appears to be that it is their SEPA payment processing, handled by Germany’s Commerzbank who have been associated with a company-wide policy of refusing to deal with transactions related to Bitcoin and cryptocurrency.
Binance, Bitfinex, Bittrex Temporarily Say No to New Users
With the surging price of cryptocurrencies, demand has reached the point where cryptocurrency exchanges are completely swamped. This massive influx of users has led to major infrastructure concerns leading to the temporary closure of their registration portals.
Throughout the last half of 2017, digital currency exchanges have posted record numbers of user signup. Binance is reporting the addition of 250,000 users per day while Coinbase has reported numerous days of 100,000+ user signups and Kraken boasts of 50,000 new users per day.