Poloniex Goes Offline As Bitcoin Prepares For An ATH: Report

Poloniex goes offline briefly while bitcoin started preparing for a new all-time high as the exchange posted on Twitter so let’s find out more in today’s crypto news.

The customer support of poloniex tweeted:

 “Poloniex is currently unavailable due to an unexpected issue.We are investigating the issue and will keep you updated here throughout.”

Bitcoin yielded some strong price action to the upside in recent weeks and garnered widespread attention. Once the traffic became dense on exchanges, the systems of Poloniex went down and locked out all of the traders. This happened with other exchanges as well in the past including Coinbase and bitmex. Poloniex goes offline at the time when Bitcoin is preparing for setting a new all-time high as we can see in the follow-up tweet:

 “Poloniex is now out of maintenance mode. Our spot and margin markets are in post-only mode and withdrawals are temporarily unavailable.”

In the meantime, Bitcoin remained close to its all-time high price range near $20,000 which has been seen after a huge amount of mainstream financial attention was pointed towards the asset. Paul Tudor Jones, Microstrategy, and Jack Dorsey have all jumped on board and purchased some big positions in Bitcoin.
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As recently reported in our news regarding Poloniex, Poloniex and Bittrex have been implicated in the USDT market manipulation scheme and both exchanges have been added to the Tether class-action lawsuit as we are reading further. The lawsuit claims unbacked USDT printing caused the 2017 bull run so the Tether controversy has duplicated in multiple parties.
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Crypto exchanges Poloniex and Exchanges have been issued a summons as a part of the Tether lawsuit alleging that both exchanges were aware of the USDT questionable dollar backing. The original lawsuit filed against the Bitfinex crypto exchange and Tether accused the defendants of printing USDT coins without fiat backing.

Speaking about Bitcoin, Bitcoin formed a support base close to the $17,380 level and climbed higher with the price now well above the $17,500 level. there was also a break above the major bearish trend line with the resistance set at $17,800 on the hourly charts of the pair. The pair now could enter into a bullish movement and get closer to the $18,150 level.