After four months of pausing new user registrations for a framework upgrade, Bittrex reopened registrations on April 10. However, the influx of new users caused a server overload ten minutes after the site went live, indicating a huge demand in the platform’s service and interest in bitcoin and altcoins.
Earlier in December 2017, the US-based crypto exchange paused all registrations for new users, citing their server’s saturated capacity and lack of staff for customer service. Potential new users had to fill out an application form and were added to a “waitlist,” with no clear date on when the exchange would relaunch its registrations.
Finally on April 10, 2018, without a prior statement, the exchange announced the relaunch of registrations on its revamped platform. In addition to this, the company introduced corporate accounts, which allow for multiple traders using a single account with a large asset holding.
CEO Bill Shihara said, “After diligently working to improve our infrastructure and upgrade our website, we’re pleased to announce registration for new users resumed today.”
The company also spoke of its recent team expansion, informing that they have brought on board former Amazon employees, as well as former members of the U.S. Departments of Justice and Homeland Security.
Ten minutes after its much-awaited launch, the company suffered an embarrassing server failure, which resulted in registrations to be suspended once again. The lapse was quickly attributed to unprecedented traffic from new users trying to sign up for the platform. Trading activities were suspended as well, but as of yet, there is no report of loss in funds.
Addressing the server failure, Bittrex said:
“Sorry for the inconvenience. Due to an overwhelming response from new users, registration is temporarily paused. We’re working to make the necessary tweaks and reopen signups again shortly.”
True to its word, the issue was solved in five hours, and registrations are now ongoing on the Bittrex website.
Early in 2017, U.S based Coinbase underwent similar issues. The cryptocurrency giant reported a mainframe shutdown, which it attributed to the large price increase of bitcoin, stimulating new investors to jump on the bandwagon.
A Handful of Users Express Disappointment
Despite the four-month improvement period, traders and investors quickly reported problems with the exchange.
Twitter user Adam Lasher, commented:
If I wanted a difficult shitty platform I would use binance. PLEASE give us an option to go back the old format. You guys don’t even have a LAST button on your buy and sells.— Adam Lasher (@AdamLasher) April 10, 2018
Users also expressed their furor over the limited number of buy/sell entries the updated website allocated. An important aspect of trading, buy/sell entries are observed by traders to determine price action before placing trades. Thus, a limited order book is detrimental to a trader’s strategy.
Additionally, several users complained about the new layout itself, asking Bittrex to revert to its earlier interface.
People who clicked "like" just looked at the overall design. They haven't even tried putting 5 trades in. The new @BittrexExchange interface will cost traders and the exchange itself money. UI gone wrong. #FAIL— Global Creators (@GlobCrea) April 11, 2018
Bring back the dual buy/sell panel like this… pic.twitter.com/EBTrVVyOcg
The chart studies in the new design makes the site REALLY REALLY slow.— cpt. kowalski (@datzeiiktoch) April 10, 2018
Did you actually test the new site????? 🧐
LOL You guys have had 4 months to hire new ppl, increase the system to handle heavy traffic, and implement new support AND do a dry test run of a re opening to see if u can handle it. Looks like another FAIL. Sorry Bittrex, but u will never catch up with @cz_binance.— CryptoSoldier (@NoTimeToSearch) April 10, 2018