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FTX Restricts Users to ‘Post Only’ as Cloudflare Faces Outage

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© Reuters FTX Restricts Users to ‘Post Only’ as Cloudflare Faces Outage

  • Some users of FTX and Bitmex may be unable to access their accounts as Cloudflare (NYSE:NET) faces issues.
  • FTX consequently restricted its users to post-only mode.
  • In April, Cloudflare detected and foiled a 15.3 million request per second DDoS attack on a crypto launchpad.

Major crypto exchanges are down and inaccessible to some users due to server-side problems Cloudflare is experiencing. FTX and Bitmex are part of the affected exchanges. FTX consequently restricted its users to post-only mode.

Post-only mode means that traders can only place an order if it would go to the order book as a maker order. Otherwise, the order declines. The implication is that users will have no access to other order types such as stop-loss, take profit, and trailing stop.

Twitter (NYSE:TWTR) user @haxpor argued that “it doesn’t make sense” for FTX to take such limiting action. His words:

RIP stop-loss. It doesn’t make sense much to prevent access to a market order, but still, another is possible. Maybe the exchange tries to slow down trades across the board, buying time to do something.

Bitmex, on the other hand, didn’t make any trade restrictions on its users. They only said some users might be unable to access the website and API, though funds remain safe.

Cloudflare, Inc. is a content delivery network and distributed denial-of-service (DDoS) mitigation company. A DDoS attack is a malicious attempt to disrupt the regular traffic of a server by overwhelming its infrastructure with superfluous requests. It is similar to a group of people crowding the entry door of a store, preventing legitimate customers from shopping.

On April 27, 2022, Cloudflare reported that they detected and foiled a 15.3 million request per second DDoS attack on a crypto launchpad. The attack represents one of the largest HTTPS DDoS attacks on record.

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Cryptocurrency

Dogecoin price could rally 20% in July with this bullish reversal pattern

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Dogecoin price could rally 20% in July with this bullish reversal pattern

Dogecoin (DOGE) looks ready to extend its rebound move despite the current crypto bear market.

DOGE’s price appears to have been painting a bump-and-run-reversal (BARR) bottom since May 11, a technical pattern that points to extended trend reversals in a bear market. It consists of three successful phases: Lead-In, Bump and Run.

DOGE/USD daily price chart featuring ‘BARR bottom’ pattern. Source: TradingView
DOGE/USD weekly price chart featuring 50-week EMA. Source: TradingView
DOGE/USD four-hour price chart featuring ‘rising wedge’ setup. Source: TradingView

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3 charts showing this Bitcoin price drop is unlike summer 2021

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3 charts showing this Bitcoin price drop is unlike summer 2021

Bitcoin (BTC) bear markets come in many shapes and sizes, but this one has given many reason to panic.

BTC has been described as facing “a bear of historic proportions” in 2022, but just one year ago, a similar feeling of doom swept crypto markets as Bitcoin saw a 50% drawdown in weeks.

Bitcoin estimated hash rate chart (screenshot). Source: MiningPoolStats
Bitcoin active addresses chart. Source: CryptoQuant
Bitcoin exchange reserves chart. Source: CryptoQuant

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FTM Begins to Retest Previous Highs As Correction May Be Over

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FTM Begins to Retest Previous Highs As Correction May Be Over

  • Fantom (FTM) seems to be retesting previous highs.
  • FTM is currently down 1.97% and is trading at $0.2845.
  • FTM could look to target $0.3501 should the mini upwards move continue for FTM.

Fantom (FTM) seems to be “retesting previous highs”, according to Michael van de Poppe. This comes as there has been a mini relief rally in the crypto market.

This does not necessarily mean that FTM has established its bottom yet, so traders should still tread with caution.

Fantom / TetherUS 2h (Source: Binance).

At the moment, FTM is one of the top 100 cryptos on CoinMarketCap’s list of most valuable cryptocurrencies in terms of market cap. FTM occupies the 59th position and this places FTM behind The Graph (GRT) in the 58th position and in front of Quant (QNT) in the 60th position.

FTM is currently down 1.97% and is trading at $0.2845 after reaching a high of $0.2947 over the last day. This price translates to about 0.00001361 BTC and 0.0002356 ETH. Things look a bit better for FTM over the larger time frames as the crypto saw a 7.89% increase in price over the last seven days.

FTM now has a market cap that stands at $722,730,787 and when looking at FTM’s 24-hour trading volume, the crypto stands at $166,580,326. This number is down 12.82% over the last day.

Fantom / TetherUS 1W (Source: CoinMarketCap)

When looking at the weekly chart for FTM/USDT, the last two weeks have closed with the FTM price higher than it was at the beginning of the week. It now looks like the current week will also end on a positive note. FTM can now look to target $0.3501 should the mini upwards move continue for FTM. This is a key level because it is also the last price that FTM fell from on the weekly chart.

Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinQuora. No information in this article should be interpreted as investment advice. CoinQuora encourages all users to do their own research before investing in cryptocurrencies.

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