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 Events

    Salt Lake City, UT

    MON - TUES, OCT. 7 - 8, 2024

    Blockworks and Bankless in collaboration with buidlbox are excited to announce the second installment of the Permissionless Hackathon – taking place October 7-8 in Salt Lake City, Utah. We’ve partnered with buidlbox to bring together the brightest minds in crypto for […]

    Salt Lake City, UT

    WED - FRI, OCTOBER 9 - 11, 2024

    Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

    recent research

    Research Report Templates.png

    Research

    ZKPs enable efficient offchain transaction processing and validation, resulting in increased throughput and reduced fees. Solana's ZK Compression leverages ZKPs to minimize onchain storage costs, while Sui's zkLogin streamlines user onboarding by replacing complex key management with familiar OAuth credentials.

    article-image

    Mt. Gox creditors are finally getting their bitcoin back — even if it’s only one click away from being sold

    article-image

    Plus, is Polymarket this cycle’s breakthrough mainstream app?

    article-image

    The crypto asset manager lowered its planned fee from 0.25% to 0.15%, undercutting its competitors

    article-image

    Plus, a look at planned ETH ETF fees and how they differ from their BTC counterparts

    article-image

    North Korea suspected in breach of Indian exchange’s multisig wallet

    article-image

    Plus, Sanctum’s CLOUD token has officially launched — but not without problems