TL;DR

A low-cap cryptocurrency posted solid gains after Bithumb said it will launch trading services with it. Most recently, the company suffered a technical outage that paused all operations for more than an hour and a half.

New Monthly Record

Most leading cryptocurrencies have shown little to no substantial movements in the past 24 hours, but some lesser-known altcoins have defied the ongoing consolidation.

Among the examples is Euler (EUL), whose price pumped by double digits and briefly surpassed $13.30. This marked the highest level witnessed in the last five weeks, while shortly after, the valuation retraced to the current $10.70 (per CoinGeckos data).

EUL Price, Source: CoinGecko The main catalyst appears to be the support coming from one of the largest crypto exchanges in South Korea -Bithumb, which announced the listing of the EUL/KRW trading pair. 

Such backing increases the assets availability and liquidity and can broaden its investor base. In addition, it has a boosting effect on its reputation, which is why the price pump shouldnt come as a surprise. 

Forta (FORT), Huma Finance (HUMA), and Hyperlane (HYPER) have also benefited in the past several months from Bithumbs support. 

It is important to note that the Korean entity is not the only crypto platform giving the thumbs up to the token. MEXC Japan listed the EUL/USDT perpetual contract, providing up to 20x leverage. 

Bithumbs Issues

According to a recent report, the crypto exchange experienced a complete trading service outage on September 2, which lasted roughly one hour and 40 minutes. 

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. 

Such a disruption isnt a precedent for the trading venue. In November 2017, there was another incident that halted all operations for about an hour and a half. Back then, the disruption was attributed to a sudden spike in trading volume caused by enhanced price volatility in the crypto market. 

Rep. Lee Hun-seung of the main opposition People Power Party claimed that South Koreas top five crypto exchanges suffered a total of 89 system failures between 2018 and 2024. Bithumb leads the way with 41 cases, while Upbit reported 28.