On 20th June Bitfinex the crypto exchange gave a heads-up to its traders stating that the exchange would be shut for 7 hours on 26th June [Time is not specified].
Bitfinex tweeted saying:
On June 26, Bitfinex will be offline for up to seven hours as we conduct a comprehensive platform upgrade for continued exchange innovation and scalability.
Read the full details here: https://t.co/TKQkDylt53 pic.twitter.com/jQFVwyWvbh— Bitfinex (@bitfinex) June 20, 2019
Along with the tweet, Bitfinex added a Medium article that described why the team would be shutting the exchange. They elaborated stating that all iFinex trading platforms need an upgrade and will be taken offline for maintenance. This indicates that iFinex traders [Bitfinex and Ethfinex] will not be able to trade, view or access their wallets during the maintenance timeline.
Additionally, the team even said that:-
“The update is designed specifically for us to be able to deliver a more sophisticated trading experience, further separating Bitfinex from the remainder of the digital asset trading space. This includes, amongst other things, laying the foundation for the launch of derivatives trading on Bitfinex.”
With the date coming too close, many of the crypto traders and enthusiasts have speculations that they put forth on Social Media.
Su Zhu, the CEO of Three Arrows Capital, Singapore said:
“I expect to soon see: 1) 100x futures 2) aggressive affiliate program (ref-link) unveiled 3) utility/fee enhancements for
$LEO 4) volatility during these 7 hours Are you ready?”
Henry [MITT1998_2], a Twitterati said:
“During those ours crypto market will be down alot, and bitfinex will lose over 500million because they were unable to liquidate. “…Users will not be liquidated during downtime…”
In 2018, on 22nd August Bitmex had scheduled its maintenance. A large group of traders or a single trader [unknown] pumped up the price of Bitcoin [BTC] during Bitmex’s downtime.
Bitmex is one of Bitcoin’s largest cryptocurrency exchanges which is why every activity done in, around and related to it does affect the prices of crypto assets listed on it.
There was evidence that proved that the BTC pump had originated from Bitmex, as the highest volume came from the exchange.
Considering Bitfinex’s reputation in the cryptospace something similar is expected during the maintenance. The sentiments on Twitter about Bitfinex going under maintenance is pretty bullish. Twitteratis have speculated that this shut down will possibly lead to a big news or a big pump.