Major Crypto Exchanges experience system outages due to large user activity.
Many cryptocurrency exchanges have recently reported technical issues and system crypto outages last Wednesday. This is after a massive increase in the users activity. The top crypto trading platforms like Binance, Coinbase, Gemini, and Kraken were all affected with the outage.
Crypto Exchanges Experience Massive Technical Issues
Coinbase, the publicly traded US exchange, has reported an “intermittent downtime” on their status webpage last Wednesday.
On the other hand, Gemini had to go to an emergency maintenance, referring to the issues of stale market data. However, Gemini’s status webpage says that “a fix has been implemented and we are monitoring the results.”
Meanwhile, Kraken suffered connectivity issues. The users complained that their crypto wallet balances were not updating after completing their transactions. The exchange confirmed as well that the issues with funding through Debit/Credit Cards, all of it are being solved and monitored at the moment.
Binance also reported different issues with withdrawals on Ethereum-based digital currencies. The exchange had to forcibly pause the service.
Crypto Market in the Face of Extreme Correction
The system outages and technical issues with the exchanges are not totally surprising. With many crypto investors and traders that have been clambering to close their positions because of the market’s bearish state. The major cryptocurrencies like Bitcoin, Ethereum, Binance Coin, and Litecoin, dropped by over 15% in price.
As of now, the entire crypto market capitalization has been $1.77 trillion, with 16% decrease in the past 24 hours.
Bitcoin’s Crash Affects Crypto Exchanges
While it tumbles the price, Bitcoin took the majority of cryptocurrencies with it. Solana, AAVE and others are overcoming the chaos, and everything looks bad. This is Bitcoin’s 10th crash in history.
The chart looks bleak right now. This is after a bumpy week that has sent the price of 1 BTC dropping from $59,434 to $39,520.00. Though Bitcoin price drop doesn’t seem to stop yet, this is not the first time that it happens to BTC and it always recovers eventually.
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