BitBay Facing Outage as Crypto Trade Surges
BitBay, a Polish crypto exchange, 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-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 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.
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