Ukraine-based crypto exchange Liqui is shutting down its services, citing a lack of liquidity, Cointelegraph Japan reports today, Jan. 28.
The crypto exchange claimed that it has informed its clients about the issue, and stated that withdrawal of digital assets will be available within 30 days after the message was posted.
According to crypto data ranking website CoinGecko, Liqui exchange allowed clients to trade Bitcoin, Ethereum, and Tether pairs, also providing lending and margin trading.
Following the news the exchange had shut down operations, crypto analyst and host of CNBC's show Cryptotrader, Ran NeuNer, claimed in a tweet that he is expecting more exchanges to close in light of the continuous bear market.
He noted that exchange infrastructure is expensive to maintain, suggesting that most exchanges will not survive it.
The collapse of crypto markets in 2018 from all-time highs in December 2017 has caused major financial problems at a large number of crypto and blockchain firms.
At least 340 crypto and blockchain companies were dissolved or liquidated in 2018 in the United Kingdom, while China-based crypto mining giant Bitmain closed its Israeli center in late 2019.
Earlier this month, the CEO of Switzerland-based cryptocurrency exchange ShapeShift announced the company had laid off a third of its team, citing "The latest bear market cycle."
Yesterday, Canadian crypto exchange QuadrigaCX announced it had shut down for maintenance.
Reddit and Twitter users had been reporting that they were unable to access or withdraw their funds from the exchange for months before, leading some to speculate that the real reason for the shutdown was in fact insolvency.
Ukrainian Crypto Exchange Liqui Shuts Down, Cites Lack of Liquidity
gepubliceerd op Jan 29, 2019
by Cointele | gepubliceerd op Coinage
Coinage
Recent nieuws
Alles zien
Blockchain Bites: Bitcoin's Run, Uniswap's Hemorrhaging Value, Anchorage's Banking Bid
Bitcoin is nearing all-time highs in price and market cap last set three years ago.
Japan's megabanks to lead experiment with digital yen
We have, in order, Cheese Bank with a $3.3 million theft, Akropolis with its $2 million loss, Value DeFi with a whopping $6 million exploit and finally Origin Protocol's loss of $7 million.
Number of new Bitcoin addresses spikes amid growing FOMO
Japan's three largest banks, as part of a group of 30 private sector actors, are set to collaborate on an experiment with a digital yen.
Not just Wall Street: Quant trader explains why Bitcoin price is going up
Sam Trabucco, a quantitative trader at Alameda Research, believes four general factors are pushing up the price of Bitcoin.