Recent events in the crypto market demonstrated volatility and price changes for several altcoins, including Euler (EUL), which significantly rose after support from Bithumb exchange.
Sharp Price Increase of Euler (EUL)
Euler (EUL) cryptocurrency saw double-digit gains, briefly surpassing $13.30, marking the highest level in five weeks, though it soon retraced to $10.70 according to CoinGecko. The main catalyst for this surge was the announcement by one of South Korea's largest crypto exchanges - Bithumb - about the launch of EUL/KRW trading pair. Support from such a major platform increases asset availability, liquidity, and potential investor base.
Bithumb's Issues
On September 2, 2023, Bithumb experienced a complete service outage that lasted approximately 1 hour and 40 minutes. One user commented, "My thought that night was: Beginners should never go all-in with their money. I just had a taste of hell. One minute felt like an hour. I really hope nothing this strange ever happens again at Bithumb."
General Data on Outages in South Korean Exchanges
According to Rep. Lee Hun-seung, between 2018 and 2024, South Korea's top five crypto exchanges faced a total of 89 system failures, with Bithumb leading with 41 incidents.
Despite technical disruptions, support from major exchanges helps some cryptocurrencies like Euler reach new highs. However, ensuring stable trading operations remains a crucial aspect for all market participants.
