Gate.io blames volume spike on issues with clients’ quant trading strategies
For the second time this week, an Asian crypto exchange finds itself explaining an abnormal spike in trading volume. Gate.io saw daily trading volumes swell to a high of $4 billion on the evening of Dec. 4 — many times larger than what the Asian crypto exchange fields on a typical day. The spike has already caused a spat with the community behind a so-called “animal token” named RATS, created on the Bitcoin blockchain using the BRC-20 protocol.
Gate, however, attributes the outlandish volume to market fluctuations, which disrupted some of its clients trading strategies. “We have confirmed that this is a result of substantial market fluctuations during that evening which caused issues with the trading strategies of some quant institution users. Changes in the strategies of institutional users during market volatility are common and do not impact the overall functionality of our platform,” a Gate spokesperson said. The news comes in the same week that HashKey Exchange, a month-old exchange licensed in Hong Kong, saw daily volumes surge to $4.5 billion.
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