March 13, 2020 Continued price declines lead to service outages and substantial volume increases across the cryptoasset market.

The persistent bearish price action since midday yesterday has led to major increases in trading volumes across cryptoasset exchanges. Bitcoin declined by 50% on Thursday, as part of wider selling pressure across financial markets, as part of the fallout from COVID-19. This price action contributed to large increases in options volumes, with Deribit, a popular futures and options exchange seeing $1.6 billion in total volume on Thursday, while spreads across exchanges widened. The volatility and volumes increase also contributed to service outages at Deribit, BitMEX, FTX, Huobi, and Gemini.