Cryptocurrency Panic Crash! Frantic Selling Sparks Exchange Downtime for Coinan, Coinbase and More

Dozens of trading platforms or data sites went down during Wednesday’s crypto market crash, including Coinan, Coinbase, Bitfinex, Kraren, Gemini, Coin, Firecoin, CMC, Coindesk, Bittrex and others.

Cryptocurrency Panic Crash! Frantic Selling Sparks Exchange Downtime for Coinan, Coinbase and More

Coinbase experienced an “intermittent outage” around 9 a.m. EST on Wednesday, while Cryptocurrency suspended Ether and ERC20 token withdrawals due to network congestion, Gemini transactions lagged, and Kraken noted “connectivity issues” with users. “.

In response, Coinbase said in a statement, “We have identified a number of issues with Coinbase and Coinbase Pro, and some features may not be fully functional. We are currently investigating these issues and will provide an update as soon as possible.”

Coinbase was down for about an hour and a half and is now back to normal.

In Coinbase’s S-1 filing prior to its direct listing, the company mentioned that volatility can affect the service.

In the S-1, Coinbase wrote: “Sudden changes in volatility or market movements can place significant stress on our platform and infrastructure, which may result in unexpected suspension of service for parts of the platform or the entire platform.”

Some users took to social networks to express their frustration over the Coinbase website and app going down, as they wanted to take the opportunity to buy at a time when digital cryptocurrency prices are plummeting. As a result, Coinbase shares fell 10% at one point in early trading today.

The plunge in cryptocurrencies has led to a massive sell-off in the market. The Dow Jones plunged 586 points at one point during the session, and the S&P 500 fell 0.9%. The technology-dominated Nasdaq Composite Index fell 0.7%, with shares of Microsoft, Facebook, Alphabet and Apple all lower. This sell-off became widespread as weakness in technology stocks spread to other sectors.

Meanwhile, hedge funds and asset managers bought bitcoin at a lower price.

Aya Kantorovich, head of institutional sales at FalconX, told The Block, ” TradFi Asset Management is buying our products.”

In addition, prior to the market’s modest rally, Genesis Global Trading had sent a notice to counterparties noting that macro funds were beginning to buy at $35,000.

Bitcoin plunged nearly 30 percent to $31,000 today, bouncing back above $38,000 after coming out of a deep V move, evaporating more than $500 billion in market capitalization from its peak.

Legendary U.S. hedge fund manager and value investor Bill Miller told CNBC on Wednesday that he wasn’t worried about bitcoin’s decline and that its volatility was “pretty normal.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/cryptocurrency-panic-crash-frantic-selling-sparks-exchange-downtime-for-coinan-coinbase-and-more/
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