{"id":35995,"date":"2022-09-14T09:49:50","date_gmt":"2022-09-14T13:49:50","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=35995"},"modified":"2022-09-14T09:49:52","modified_gmt":"2022-09-14T13:49:52","slug":"ftx-freezes-under-strain-of-cpi-volatility","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/ftx-freezes-under-strain-of-cpi-volatility\/","title":{"rendered":"FTX Freezes Under Strain of CPI Volatility"},"content":{"rendered":"\n<h5 class=\"wp-block-heading\" id=\"h-in-the-hour-after-the-ftx-cpi-print-more-than-110-million-was-sold-off-on-crypto-exchanges\">In the hour after the FTX CPI print, more than $110 million was sold off on <a href=\"https:\/\/www.google.com\/search?q=crypto+exchanges&sourceid=chrome&ie=UTF-8\" target=\"_blank\" rel=\"noreferrer noopener\">crypto exchanges<\/a>.<\/h5>\n\n\n\n<figure class=\"wp-block-image aligncenter size-full\"><img fetchpriority=\"high\" decoding=\"async\" width=\"722\" height=\"558\" src=\"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2022\/09\/image-90.png\" alt=\"FTX Freezes Under Strain of CPI Volatility\" class=\"wp-image-35997\" srcset=\"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2022\/09\/image-90.png 722w, https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2022\/09\/image-90-300x232.png 300w, https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2022\/09\/image-90-150x116.png 150w\" sizes=\"(max-width: 722px) 100vw, 722px\" \/><figcaption>FTX Freezes Under Strain of CPI Volatility<\/figcaption><\/figure>\n\n\n\n<p>Some customers couldn't use the cryptocurrency exchange FTX on Tuesday, when a closely watched <a href=\"https:\/\/coinscreed.com\/staging\/crypto-paths-gets-tougher-after-us-cpi-report-comes-in-hot.html\" target=\"_blank\" rel=\"noreferrer noopener\">economic report<\/a> on U.S. inflation came out. This made traders very angry.<\/p>\n\n\n\n<p>Sam Bankman-Fried, CEO of FTX, confirmed that the exchange was having problems by saying that &#8220;for a lot of people, the website auto-refreshed in a weird way.&#8221;<\/p>\n\n\n\n<p>Traders said on Twitter that the FTX interface kept freezing up at 12:30 UTC, when the U.S. <a href=\"https:\/\/coinscreed.com\/staging\/crypto-plunge-bitcoin-dashes-recovery-hopes-as-prices-decline.html\" target=\"_blank\" rel=\"noreferrer noopener\">consumer price index<\/a> (CPI) report came out. Bankman-Fried answered that the problem was fixed as of 13:25 UTC.<\/p>\n\n\n\n<p>&#8220;Because of the resulting CPI volatility, some users who accessed the exchange through a browser found that their webpage kept refreshing, which made using it slower and more difficult,&#8221; an spokesperson said in a corresponding report. &#8220;The volatility didn't cause any downtime, and the exchange kept running the whole time.&#8221;<\/p>\n\n\n\n<p>The person said, &#8220;This was the only big problem with FTX at the time, and it only affected the website, not the API.&#8221;<\/p>\n\n\n\n<p>After the CPI was released, the price of <a href=\"https:\/\/coinscreed.com\/staging\/bitcoin-mining-pools-what-are-they-and-how-do-they-work.html\" target=\"_blank\" rel=\"noreferrer noopener\">bitcoin<\/a> dropped from $22,700 to $21,400 because inflation rose by 8.3% in August compared to the same month last year. This was more than the 8.1% rise that was expected.<\/p>\n\n\n\n<p>&#8220;Because of the resulting CPI volatility, some users who accessed the exchange through a browser found that their webpage kept refreshing, which made using it slower and more difficult,&#8221; an FTX spokesperson said in a statement to CoinDesk. &#8220;The volatility didn't cause any downtime, and the exchange kept running the whole time.&#8221;<\/p>\n\n\n\n<p>According to CoinGlass, the volatility caused more than $110 million to be sold off on crypto derivatives exchanges in just one hour.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>In the hour after the FTX CPI print, more than $110 million was sold off on crypto exchanges. Some customers couldn&#8217;t use the cryptocurrency exchange FTX on Tuesday, when a closely watched economic report on U.S. inflation came out. This made traders very angry. Sam Bankman-Fried, CEO of FTX, confirmed that the exchange was having [&hellip;]<\/p>\n","protected":false},"author":39,"featured_media":35997,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[5952,778,1753],"class_list":["post-35995","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-cpi","tag-ftx","tag-volatility"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2022\/09\/image-90.png","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/35995","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/39"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=35995"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/35995\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/35997"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=35995"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=35995"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=35995"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}