In recent developments within the cryptocurrency market, a low-cap asset known as Euler (EUL) has emerged as a surprising winner, recording significant gains. This surge followed the announcement by Bithumb, one of South Korea’s largest cryptocurrency exchanges, that it would be launching trading services for the EUL/KRW pair. Initially, the price of EUL soared to over $13.30, marking a high not seen in the past five weeks. However, it has since retraced to approximately $10.70, according to data from CoinGecko.
The backing from Bithumb has been a crucial factor in enhancing Euler’s liquidity and availability, potentially attracting a broader investor base and elevating its market reputation. Other cryptocurrencies, such as Forta (FORT), Huma Finance (HUMA), and Hyperlane (HYPER), have also benefited from Bithumb’s support in recent months. Additionally, the asset has gained traction on MEXC Japan, which listed the EUL/USDT perpetual contract, allowing traders to utilize leverage of up to 20 times.
However, Bithumb has faced challenges, including a significant outage that occurred recently, impacting trading services for about an hour and forty minutes. User experiences during the outage varied, with one individual expressing frustration and warning others against investing everything in one go. This incident is not isolated; Bithumb has a history of service disruptions, with a notable incident in November 2017 when a trading surge led to another outage of similar duration.
A study revealed that South Korea’s top five cryptocurrency exchanges experienced a total of 89 system failures between 2018 and 2024, with Bithumb accounting for the most significant share at 41 incidents. Upbit followed with 28 failures. These outages raise concerns about the reliability of trading platforms, especially during critical trading hours, highlighting the need for increased infrastructure resilience.
