As most of you will be aware, there have been/continue to be issues with both BitTrex and Binance wallets such that withdrawals of ADA have been impacted. I’ve seen Charles Hoskinson’s comments at:
https://youtu.be/4r_5w0uHARA?t=5613
… but at the moment, withdrawal remains suspended on both exchanges.
Also, both BitTrex and Binance are currently not accepting new registrations attributed to being overwhelmed by volumes of new users. My experience of their responses to support issues would seem to back this up… short of where they need to be.
Neither of these are healthy scenarios. Whilst it is of course possible to trade out of the coins to move them off exchange via BTC, USDT, etc., (even ETH currently has issues on both exchanges) this is not conducive to many people’s strategy or intent, and does nothing for the development of the ecosystem or confidence in it.
At the same time, I am personally aware of at least 4 people whose intent to invest into ADA has been frustrated by the inability to register with any exchange that supports it, to facilitate their purchases. If that pattern is repeated more generally, there must be a massive pent up demand for investment inflows to crypto in general and ADA in particular, that are not currently reflected in the price.
These would seem to represent market distortions with countermanding price effects, but distortions of any kind are undesirable and cause for concern.
My understanding is that ADA is traded on the following markets:
Bittrex
Binance
Coinnest
Gate.io5
Upbit
Coinspot
Mr. Exchange
But, looking at https://coinmarketcap.com/currencies/cardano/#markets , almost all the volume is concentrated on BitTrex and Binance, and the prices on the others are not remotely reflective of reality (unless you are Korean and have access to FIAT KRW via Coinnest)
I appreciate that the shortcomings appear to be on the part of the exchanges rather than Cardano, but some serious pressure needs to be applied to get them both to up their game and be more communicative.
It is appreciated that resolving capacity constraints cannot be done at the drop of a hat, and takes time, but transparent communication of the steps being taken, and the realistic timeframes, would at least put fears to rest and allow people to make informed decisions in mitigation.
Can Cardano Foundation or IOHK do anything to bring pressure to bear, and to shed more light on what resolutions can be expected? It would be most appreciated.
I am fearful that these issues reflect badly on the crypto space in general, and the affected coins in particular. Clearly, the whole crypto market’s infrastructure is nowhere near where it needs to be to handle it’s likely trajectory. If this were to happen in established public securities markets there would be outrage. Growing pains I guess, but scenarios like MtGox are fresh in the collective memory.