Exchanges Down Wednesday as Crypto Plunges

The crash occurred in the midst of a major selloff in crypto markets. Bitcoin and ethereum plummeted 14% and 19%, respectively, in 24 hours, according to data from Coindesk. Dogecoin fell 20% to 38 cents.

article-image

Source: Shutterstock

share

key takeaways

  • Both Coinbase and Binance experienced issues with ethereum withdraws and paused services
  • The crash occurred in the midst of a major selloff in crypto market

Investors looking to buy the dip were frustrated Wednesday morning as cryptocurrency exchanges experienced connection issues. 

Coinbase was offline for about an hour and a half. Both Coinbase and Binance experienced issues with ethereum withdraws and paused services. Both exchanges are now operating normally, the companies reported. 

Users took to Twitter to express frustration with the outages as many attempted to buy at the low prices.

Loading Tweet..

“We’re seeing some issues on Coinbase and Coinbase Pro and we’re aware some features may not be functioning completely normal. We’re currently investigating these issues and will provide updates as soon as possible,” Coinbase said in a statement.

The crash occurred in the midst of a major selloff in crypto markets. Bitcoin and ethereum plummeted 14% and 19%, respectively, in 24 hours, according to data from Coindesk. Dogecoin fell 20% to 38 cents.

Coinbase, which made its public debut via direct listing last month, recently reported first quarter earnings triple those from the fourth quarter of 2020. In Coinbase’s S-1 filing ahead of the direct listing, the company mentioned that volatility can impact service. 

“Abrupt changes in volatility or market movement can lead to extreme pressures on our platform and infrastructure that can lead to inadvertent suspension of services across parts of the platform or the entire platform,” Coinbase wrote in the S-1. 

At the time of publication bitcoin was at $38,657.58 according to CoinGecko.

Tags

    Decoding crypto and the markets. Daily, with Byron Gilliam.

    Upcoming Events

    Old Billingsgate

    Mon - Wed, October 13 - 15, 2025

    Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

    recent research

    Research Report Templates.png

    Research

    Content Delivery Networks (CDNs) represent low-hanging fruit in a massive market ripe for Web3-driven disruption. The global CDN market was valued at ~$28B in 2024, and is projected to surpass $140B by 2034, (18.75% CAGR) underscoring the immense demand for efficient content delivery.

    article-image

    US dollars might technically be worth less, but it’s still good news

    article-image

    Apps are doing well, as is casino gaming, says Tom Schmidt of Dragonfly

    article-image

    Sponsored

    Machine DeFi brings programmable peer-to-peer finance into contact with tangible machines that generate real-world value

    article-image

    What happens to your investment portfolio when the companies driving returns are no longer in it?

    article-image

    Wow, the ETF hype sure didn’t last long

    article-image

    The private sector lost 33,000 jobs in June; analysts had projected payrolls to add 100,000 positions