Altcoin Euphoria: Bithumb’s Blessing or Crypto Curse? 😇💸

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TL;DR

  • A forgotten cryptocurrency, like a soul in the depths of despair, suddenly rises from the ashes after Bithumb, the fickle god of exchanges, deigns to notice it. 🌟
  • Meanwhile, Bithumb itself, a colossus with feet of clay, stumbled yet again, leaving traders in a Kafkaesque nightmare of halted trades and existential dread. ⏳

A Tale of Unlikely Resurrections

In the labyrinthine world of cryptocurrency, where fortunes are made and lost in the blink of an eye, the past 24 hours have been a theater of the absurd. While the titans of the crypto realm slumbered in their consolidation, a lowly altcoin, Euler (EUL), seized its moment of glory. Its price, like a fevered dream, surged by double digits, briefly touching the heavens at $13.30-a five-week high. Yet, as is the way of all things mortal, it soon retraced to $10.70, leaving behind a trail of both hope and despair. 📈💔

The catalyst for this fleeting euphoria? None other than Bithumb, the South Korean behemoth, whose announcement of the EUL/KRW trading pair was akin to a divine blessing. Such favoritism, of course, is not without its consequences. It bestows upon the chosen asset increased liquidity, a broader investor base, and a veneer of respectability-a trifecta of virtues in this dog-eat-dog world. 🐕🦴

Yet, Euler is not alone in its ascent. Forta (FORT), Huma Finance (HUMA), and Hyperlane (HYPER) have also basked in Bithumb’s fleeting grace in recent months. And let us not forget MEXC Japan, which, with its EUL/USDT perpetual contract offering up to 20x leverage, has thrown its own hat into the ring. A veritable circus of speculation, one might say. 🎪

Bithumb’s Fallible Nature

But ah, Bithumb, the great enabler of dreams, is not without its flaws. On September 2, it suffered a trading outage that lasted a torturous hour and 40 minutes. A user, no doubt on the brink of madness, lamented, “One minute felt like an hour. I really hope nothing this strange ever happens again at Bithumb.” One can almost hear the echoes of Raskolnikov’s torment in those words. 🕰️😱

“My thought that night was: Beginners should never go all-in with their money. I just had a taste of hell. One minute felt like an hour. I really hope nothing this strange ever happens again at Bithumb,” one user supposedly said. 

This is not the first time Bithumb has stumbled. In November 2017, a similar outage occurred, attributed to a spike in trading volume and market volatility. A pattern, perhaps, of a system stretched to its limits by the very greed it enables. And yet, it remains the leader in system failures among South Korea’s top five exchanges, with 41 cases between 2018 and 2024. Upbit, its rival, trails with a mere 28. A race to the bottom, it would seem. 🏁💥

In the end, what are we left with? A cryptocurrency market that is both a beacon of hope and a mirror to our own folly. Euler’s rise, Bithumb’s fall-both are but fleeting moments in the grand drama of human ambition and hubris. And so, we continue to dance on the edge of the abyss, ever hopeful, ever deluded. 🕺🌪️

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2025-09-05 19:05