Critical market condition while several crypto services are down
Several major crypto-related companies were either down, having problems, or inaccessible on Wednesday.
Last Wednesday, CoinMarketCap didn’t respond, Coinbase was down, Gemini had a poor performance which made some traders stressed out as they had difficulty accessing their account and/ or trading.
In the wake of the recent Bitcoin price reduction, some well-known crypto websites and exchanges experienced unprecedented site traffic which apparently led to outages, difficulty in accessing the websites, and a longer wait for the loading of the websites.
The panic selling was one of the reasons behind the traffic on these websites. The congestion on the Ethereum network led to delays in the withdrawal of ETH and ERC-20 tokens that Coinbase and Binance users experienced according to the status pages of these exchanges. Coinbase users also still have problems accessing the website as well as the mobile app apparently for the same reason. On the other hand, CoinMarketCap, the crypto analytics site, and the Kraken crypto exchange were experiencing problems and went down briefly. Therefore, their users were devastated since they couldn’t manage their assets at such an important time. But the story doesn’t end here for the exchanges.
Gemini, the other famous exchange, also faced a challenge that purportedly demanded immediate measures to be taken. Therefore, they decided to make an announcement and let their users know that they are in charge of the situation and are already taking care of it. Hence, the exchanged showed a message on their homepage explaining this to make sure that the users wouldn’t panic
Gemini is not the only exchange that has gone down. Coinbase has had several downtimes at critical market conditions when traders needed it most. It’s true that they have notified and ensured their customers that their funds are safe, yet users cannot access their funds to sell or buy and avoid making losses or gain profit. These kind of problems coming from an exchange are disappointing, intolerable and reoccurrences may lead to losing trust and ultimately users.
Since March 2020, the market turned down and we saw a crypto blood bath where Bitcoin dropped sharply causing drastic drops in the price of altcoins as well. BTC dropped 17% since yesterday at this time and it's being traded at $35,642. The fall of ETH was deeper, 25%, and touched $2000 earlier on Wednesday. Most other tokens experienced double-digit drops as well.
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