tl;dr
Bitcoin's wild price swings on Tuesday caused widespread chaos in the crypto markets, including issues at Jupiter, an on-chain derivatives trading platform. Traders reported failed trades and liquidated positions, blaming the high volatility in the Bitcoin markets for the problems. Jupiter's infrast...
Bitcoin's wild price swings on Tuesday caused widespread chaos in the crypto markets, including issues at Jupiter, an on-chain derivatives trading platform. Traders reported failed trades and liquidated positions, blaming the high volatility in the Bitcoin markets for the problems. Jupiter's infrastructure for tracking crypto prices faltered during this time, creating chaos in the crypto markets.
Users of the platform were assured that their funds were safe, despite some reporting losses. Jupiter relies on oracles, or price data feeds, to manage operations, and during periods of high volatility, these oracles can falter, leading to a cascade of issues. Traders were comforted with the assurance that their failed position funds would be returning to their wallets shortly.
The extreme volatility in the Bitcoin markets, with the crypto surging to a record high above $69,000 only to decrease about 5% within minutes, was a contributing factor to the issues at Jupiter. Other assets, including SOL, followed Bitcoin's record-setting pump and subsequent crash, adding to the chaos in the crypto markets.
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