Binance, Coinbase and a number of other cryptocurrency exchanges appear to have crashed or restricted trading amid a mass sell-off of key tokens Wednesday, worsening a slide over the past week that has cut $700 billion off the value of cryptocurrencies.
Coinbase, Binance and other exchanges went down Wednesday.
Outage reports for cryptocurrency exchanges Binance and Coinbase surged Wednesday as hundreds registered issues on DownDetector over the course of a few hours.
Coinbase acknowledged the outage on Twitter and said it was working to resolve the issue, while Binance informed users it had stopped withdrawals of Ethereum, the second largest cryptocurrency, due to “network congestion.”
Revolut, a digital bank that offers cryptocurrency services, also saw a surge in DownDetector reports and told customers on Twitter it was “working on a fix,” while the Independent reported similar outages at Gemini and KuCoin.
Users of the platforms complained about being unable to trade and take advantage of the dip on social media.
The reports coincide with a dramatic market crash that saw bitcoin fall to nearly $30,000 a token in little over an hour, a drop of nearly 25%.
Ethereum also plunged by nearly 35% to just over $2,000 a token in the same time frame, though both tokens have since partially recovered.
$200 billion. This is how much was erased from the cryptocurrency market over the last nine hours.
The crypto market has been in a tailspin this week, fueled by news from billionaire Elon Musk that Tesla would no longer accept bitcoin due to concerns over its environmental impact. Pessimism was magnified Tuesday when China renewed its regulatory crackdown on digital assets. Many leading crypto tokens have seen double-digit drops over the last seven days, including bitcoin, Ethereum and dogecoin.
Bitcoin’s fall took it to lows not seen since January and a long way off of a high of more than $60,000 in mid-April.
Shares for companies involved in cryptocurrencies have also suffered. At the time of writing, Coinbase was down 6.6% and Tesla, which bought $1.5 billion worth of bitcoin in February, was off 3.7%.
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