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

    upcoming event

    MON - WED, MARCH 18 - 20, 2024

    Digital Asset Summit (DAS) is returning March 2024. This year’s event will be held in our nation’s capital, where industry leaders, policymakers, and institutional experts will come together to discuss the latest developments and challenges in the ever-evolving world of cryptocurrency. […]

    upcoming event

    MON - WED, SEPT. 11 - 13, 2023

    2022 was a meme.Skeptics danced, believers believed.Eventually, newcomers turned away, drained of liquidity and hope.Now, the tide is shifting and it’s time to rebuild. Permissionless II is the brainchild of Blockworks and Bankless. It’s not just a conference, but a call […]

    recent research

    Solana Q2 Update

    Research

    While most alternative Layer 1 networks, have seen lackluster usage since the market downturn, Solana has continued to show significant potential throughout 2023.

    /

    article-image

    Arbitrum failed to settle on Ethereum after a pre-programmed “fail-safe” meant a critical node didn’t receive enough ETH for gas fees

    article-image

    A Commonwealth Bank executive said 24-hour holds and limits on outbound payments to crypto exchanges will help decrease the number of scams

    article-image

    Regulations include provision prohibits companies from engaging with prospective consumers until they reconfirm interest at least 24 hours later

    article-image

    The bitcoin-only platform’s problems persisted as Swan’s chief executive bashed rival exchanges on Twitter

    article-image

    Figment Capital is exploring decentralized sequencing technology with Obol Network

    article-image

    Before it stopped working with crypto clients, Armanino told Binance to straighten up