For the second time in the past week, the Asian cryptocurrency exchange Gate has been forced to explain the reasons behind the unusual surge in activity among traders. Recall that on the evening of December 4, 2023, the platform experienced a sharp increase in trading volumes, reaching over $4 billion. This figure significantly exceeded average values. Representatives of the exchange stated that they are not responsible for this incident.
The increase in trader activity has sparked disagreements within the crypto community. Developers of the RATS protocol token BRC-20 publicly accused Gate exchange of "volume manipulation and fake transactions" and called on traders to boycott the platform. However, Gate representatives explained the unusually high trading volumes as "market fluctuations that disrupted the strategies of some clients."
Gate's specialists claim that the surge in trading volumes was caused by significant volatility in the cryptocurrency market that evening. In their opinion, this led to issues and changes in the trading algorithms of some institutional traders. Representatives of the exchange assure that this is a common occurrence that does not affect the overall functionality of the platform.
Furthermore, it is worth noting that this exchange actively trades other BRC-20 standard tokens, including ORDI and SATS. Interestingly, the cryptocurrency Ordinals has once again demonstrated growth, increasing by 3% over the past 24 hours and reaching a level of $51.28. This digital asset has already grown by 140% in the past week and even by 589% in the last month since its listing on the Binance exchange.
