Bittrex Wallets Are Taken Offline as Companies Scramble to Patch the Intel Bug

On Wednesday, the tech world was rocked by revelations of a computer chip vulnerability that exposes critical data. Meltdown and Spectre are the names assigned to the newly discovered flaws which primarily affect Intel chips. From a security perspective, the bug concerns everyone who uses an Intel-powered device to connect to the internet, which is pretty much everyone. But from a practical perspective, the bug is already making its presence felt: today Bittrex exchange was forced to take numerous wallets offline while Azure servers were patched.

Also read: ripple-gateways-can-freeze-users-funds-at-any-timeintel-bug-1068x1068

A Bug in the System

Bittrex Wallets Are Taken Offline as Companies Scramble to Patch the Intel BugComputer bugs and vulnerabilities are discovered all the time, but the Intel one is particularly nasty. It risks leaving passwords and other critical data exposed on billions of internet connected devices, from smartphones to PCs. While patches are being rushed out for the major operating systems, hackers are trying to find ways to exploit the vulnerability, which could provide them with complete system access. Spectre forces programs to leak confidential data, while Meltdown noses around in the system kernel for the same purpose.

Cryptocurrency holders, who already face a heightened threat from hackers, have good reason to be concerned. In addition to affecting personal computers, Spectre and Meltdown spell danger for cloud-based systems. Cloud computing providers store data from multiple clients on the same server. If that server were to be exploited, it would theoretically be possible for an attacker to access multiple accounts.

A Dark Cloud

Cryptocurrency exchanges, whose websites carry a heavy load, are reliant on the cloud. While the likes of Amazon have been rushing to patch their servers, exchanges have been affected by outages and reduced service. Earlier today, Bittrex tweeted:

Azure accelerated a planned reboot due to the public Intel disclosure. Wallets will be online again once they complete post reboot audits.

At present, withdrawals and deposits for around 30% of the coins traded on the exchange are unavailable.


Bittrex wallets today.

Several other exchanges were temporarily taken offline, with some platforms specifically referencing the patch, and others simply referring to maintenance. Among those affected were Einstein Exchange, CEX.io, and Kucoin. Hardware wallet manufacturer Ledger also updated concerned customers on the situation, tweeting:

Bittrex Wallets Are Taken Offline as Companies Scramble to Patch the Intel Bug

There is an added issue regarding the Intel bug: as a consequence of patching it, system performance will be reduced by as much as 30%. Cryptocurrency miners are unlikely to be badly affected, as the process doesn’t involve making a high number of kernel requests. But for anyone who prides themselves on running an overclocked PC with a high benchmark, the slowdown may be hard to stomach.

Are you concerned by the Intel bug and do you think cryptocurrency holders should be worried? Let us know in the comments section below.

Markets Update: Cryptocurrency Prices Rebound After Last Week’s Dip

The price of bitcoin seems to have found some stability over the past 24 hours, after last week’s sharp upward climb in value followed by a 30 percent dip the next day. Since the drop, the price has bounced back and is hovering around US$2250-2300 per BTC at the time of writing.

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Bullish Pressure Returns to Bitcoin Markets After a 30 Percent Dip

Last week was an exciting time for cryptocurrency traders as quite a few digital assets hit all-time price highs on May 24. Bitcoin’s value reached a high of $2760 across global exchanges which was followed by a short-term downtrend to the sub-$2000 mark. Quite a few traders had assumed a significant dip to the $1800-1600 range would take place, but so far these predictions never materialized. Since bitcoin ricocheted from its low, it has since consolidated between $2200-2300 over the past three days. For now, there is a touch of bullish pressure keeping the price going, but it’s significantly weaker than last week.

Markets Update: Cryptocurrency Prices Rebound After Last Week's Dip

Technical Indicators

Technical indicators still suggest a bear market could continue and what we see now may be an extended ‘dead cat bounce.’ Over the past couple months, we’ve reported that the 100 Simple Moving Average (SMA) was above the longer term 200 SMA in nearly every price analysis. However, things have changed as the 100 SMA is now below the 200 SMA indicating the downtrend may not be over.

Markets Update: Cryptocurrency Prices Rebound After Last Week's Dip
Bitstamp market depth 5-30-17, 10:30 am EST.

Moreover, the Relative Strength Index (RSI) and Stochastic oscillators still show the price is overbought and bears may take the upper hand in the near future. Bitcoin’s price rebound was unexpected and has shifted traders predictions slightly, but a good majority are still assuming the uptick is merely a bull trap. If an upside breakout breaks the $2400 range, there’s a good chance we could skip the downturn and head towards all-time highs once again.

A Glimpse at Altcoin Markets

Alternative cryptocurrency markets have all seemingly followed bitcoins ups and downs over the past week. One notable altcoin that has been performing quite well is Ethereum (ETH), which is $205 per ETH at press time. On May 30th Ethereum trade volume surpassed BTC markets for the first time in history and currently commands a $19 billion market cap. The third highest market cap held by Ripple (XRP) has taken a significant dive and hasn’t really recovered much as the price hovers around $0.23 cents per XRP.

Markets Update: Cryptocurrency Prices Rebound After Last Week's Dip
Ethereum trade volume surpassed BTC volume for the first time in history.

The fourth highest valued alternative cryptocurrency market NEM retraced a touch and is resting at $0.21 cents per token. Other altcoins have also rebounded since the dip including Ethereum Classic (ETC $17), Litecoin (LTC $25), Dash ($119), Monero (XMR $43), Bytecoin (BCN $0.002) and Stratis (STRAT $4.50). Another coin that has received a bunch of volume is Tether, which currently holds the fifth highest volume as some traders seem to have used the token as a safe haven from the dips.

The Verdict

For now, Bitcoin’s price has appeared to have found a temporary floor and remains relatively stable with a few light swings here and there. Some traders seem pretty confident that a horrible bear market has been avoided, but most traders are still doubtful the downtrend is over. Good news from Russia has seemingly helped push the value of bitcoin upwards. Meanwhile, talks of a scaling compromise has replaced some of the vitriolic energy that has given the bitcoin ‘community’ a bitter taste.

Bear Scenario: It’s possible a second leg downwards could happen in the near future continuing to push the price to lower levels. Bitcoin’s fiat value could dip down to the $1800-1600 range if bulls step away from exhaustion. At the moment looking at order books from popular exchanges shows a strong floor at the $2000 mark for the time being.

Bull Scenario: Bitcoin’s price has jumped back and has shown resilience after last week’s losses. In order to bring the upswing velocity further, it would help if the cryptocurrency crossed over the $2400 range. Breaking this resistance point could bring the digital asset to higher levels and possibly get closer to last week’s top or create a new all-time high.

What do you think about the price of bitcoin retracing to $2250-2300? Do you think bitcoin will continue to rise to higher levels? Or do you expect bears to lower the price further shortly? Let us know in the comments below.

Disclaimer: Bitcoin price articles and markets updates are intended for informational purposes only and should not to be considered as trading advice. Neither Bitcoin.com nor the author is responsible for any losses or gains, as the ultimate decision to conduct a trade is made by the reader. Always remember that only those in possession of the private keys are in control of the “money.”

Currency Exchange rate list

Here is the currency buy rate list. For any orders please visit E-Currency Exchange rate list

DigitalCurrency Advanced Cash Bitcoin BTC-E NETELLER OKPAY PAYEER PAYONEER Paypal Perfect Money Web Money
Advanced Cash 0.97 0.98 0.98 0.98 0.985 0.99 0.97 0.97 0.97
Bitcoin 0.99 0.98 1 0.87 0.88 1.005 0.85 0.9
BTC-E 0.98 0.93 0.95 1 0.95 1.005 0.99 0.992
NETELLER 0.98 0.8 0.8 0.85 0.8 0.9 1 0.886 0.88
OKPAY 0.98 0.89 0.80 0.90 0.95 0.90 0.95 0.98
PAYEER 0.99 0.83 0.8 0.8 0.87 0.9 0.95 0.9 0.9
PAYONEER 0.97 0.9 0.82 0.88 0.85 0.88 0.90 0.85 0.85
Paypal 0.995 0.88 0.88 0.88 0.88 0.88 0.8 0.88 0.88
Perfect Money 0.97 0.93 0.98 0.98 0.90 0.88 1.04 0.93
Web Money 0.99 0.9 0.98 0.95 0.997 1 1 1 0.9