In an official announcement on Oct. 1,  the platform noted that the closure was purely a business decision and is not connected to any security breach or other incident.

Altcoin trading platform Coinexchange.io has announced that it is shutting down due to financial difficulties.

No longer economically viable

Coinexchange.io is currently seeing daily traded volumes of roughly $700,000, according to CoinMarketCap, and supports over 500 altcoins. The platform stated:

“Unfortunately it is no longer economically viable for us to continue offering market services. The costs of providing the required level of security and support now outweigh our earnings.”

Gone in two weeks

Trading and deposits on Coinexchange.io will be suspended on Oct. 15th. All traders are also requested to halt any activity as soon as possible.

The website and withdrawals will remain operational until Dec. 1, the deadline by which users are asked to remove all the remaining funds.

Coinexchange.io has said that it may return in the future should market conditions change.

Recent closures across the globe

As Cointelegraph previously reported, Coinone Global Exchange, a Malta-based platform launched by major South Korean exchange Coinone, has terminated its services in mid-September.

Also in September, Thailand’s leading cryptocurrency exchange Bitcoin Co. Ltd. has announced that it would not be seeking to hold a Digital Asset Exchange license from securities regulators in 2020 and would therefore halt all trading operations.

‘Cryptocultists’ May Stop Bitcoin Bull Market – Trader Who Called $20K

In a tweet on Jan. 8, Brandt, who has become a regular Bitcoin pundit in recent years, confirmed he was eyeing current price activity to determine the likely next move.

Bitcoin returning to a bull market depends on whether “cryptocultists” have already exited the market, veteran trader Peter Brandt has warned.

Brandt: Bitcoin needs “cryptocultist shakeout”

BTC/USD gained 5.5% in the 24 hours to press time, retaking $8,000 in a move many previously considered highly unlikely.

Whether momentum continues, Brandt says, is nonetheless down to the composition of the market, as well as technical indicators.

On the topic of whether a bull market began this week, he summarized:

“If enough cryptocultists have been shaken out since Dec ’17, then ‘yes.’ If not, then ‘no.’”

Uploading supporting charts, Brandt highlighted three characteristics that hinted at a bullish upturn for Bitcoin. These included BTC/USD remaining within a multiyear channel and not falling through the bottom of it, as well as preparing to break the ceiling of a different, six-month channel.

Asked whether he thought it was “too early” for a fresh bull run due to investors anticipating lower prices first, meanwhile, Brandt responded:

“I think exactly the opposite. If there are many waiting, then they may wait forever.”

A trip below $3,000?

The sober approach to possible further gains echoes Brandt’s more bearish stance from earlier. In December, he forecast BTC/USD dropping to $5,500 by July 2020, two months after Bitcoin’s block reward halving.

Other grave warnings included a Bitcoin price of just $2,760, an 80% retraction against 2019’s highs near $14,000.

His predictions have often been accurate – in 2017, he successfully called the Bitcoin market top at around $20,000 before the 2018 bear market kicked in.

There was no word on altcoins, investors in which Brandt similarly called “cryptomaniacs” in July. At the time, he claimed any major appreciation in Bitcoin would be unlikely to spill over into altcoin markets. Bitcoin’s market share subsequently increased by around 4%.

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