Academy Press Room Article

Traders Vote with Their Feet During Crypto Market Crash on Mar 13


The on-going COVID-19 epidemic, oil price war, and global stock markets shock continue to fuel panic across the globe. Global stock markets, futures, and crude oil prices dived successively. Under tremendous selling pressure, the cryptocurrency market was not immune. Just a month after the price of BTC reached $10,502, a new high in months, on Feb 13, a plunge in cryptocurrencies prices suddenly swept the entire market on Mar 13. The benchmark crypto fell dramatically by more than 44% within a few hours, reaching a low of $3,791.9. Then, the price rebounded slightly to about $ 5,000.

The crash was not limited to Bitcoin. According to CoinMarketCap data, the world’s top ten cryptocurrencies by market cap all fell by more than 30%, except USDT, the only stablecoin among top 10.

The sudden price drop is not only a shock to the market, but also a challenge for crypto exchanges. Facing a sudden influx of users to sell off and hedge, exchanges’ market depth and trading system capacity were put under test, and the key to win the game is their liquidity and technical capabilities. Traders, who are the end users of their services, will also vote with their feet.

Performance varies across crypto exchanges

Under extreme conditions, many exchanges, even the very top ones, experienced problems at different degrees. For instance, one of the leading exchange had its spot depth push delayed and the futures trading system overloaded during the crash. What’s more, its futures ADL system didn’t work properly and it even claimed to raise withdrawal fees of ETH in order to avoid fund outflow.

Apart from that, some exchanges experienced server errors or even downtime in futures and OTC trading for a period of time. Also, some other exchanges were exposed the problem of depth, which is not as good as what they claimed to the public. Even OKEx, a top exchange which is known for its system security and stability, encountered a minor problem like app lag.

Fortunately, most problems were solved quickly. However, those incidents have been printed in the mind of traders and will influence the latter’s choice of exchange in the future.

OKEx ranked first in past 24 hours

Based on Skew data, the BTC futures trading volume on OKEx reached 16 billion dollars and is ranked 1st among all crypto exchanges in past 24 hours, following by BitMEX, Huobi, Binance, bybit, etc.


According to a tweet of Jay Hao, CEO of OKEx, the trading platform processed approx. 300k orders/sec during the volatile period and their trading service was delivered stably. What’s more, OKEx also claimed to maintain a record of 0 clawback throughout the market crash.

Derivatives help reduce losses or even bring profits


It isn’t the end game of crypto

Given the current unfavourable macro-economic environment worldwide, it is not surprising to see crash in the cryptocurrency market. However, it won’t be the end of crypto. Governments are actively introducing corresponding fiscal policies to respond the situation, which will have positive impacts on the crypto market.

For instance, the Supreme Court of India has rejected the previous ban on financial institutions from providing banking services to cryptocurrency companies from the Reserve Bank of India. In addition, traditional industries are also actively exploring the possibilities of blockchain. Therefore, the blockchain’s financial inclusion and even mass adoption are still worth looking forward to.


About OKEx

The world’s largest and most diverse cryptocurrency marketplace, OKEx is where global crypto traders, miners, and institutional investors come to manage crypto assets, enhance investment opportunities, and hedge risks. We provide spot and derivatives trading, including futures, perpetual swap, and options, of major cryptocurrencies, offering investors great flexibility in formulating their strategies to maximize gains and mitigate risks.

Media contact:
Vivien Choi
Email: [email protected]
Telegram: @vivienchoi