Leading Crypto Exchanges Down As Bitcoin And Ether Plummet

-

- Advertisment -

Topline

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.   

Key Facts

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. 

Big Number

$200 billion. This is how much was erased from the cryptocurrency market over the last nine hours. 

Key Background

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.  

Surprising Fact

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.

Tangent

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%. 

Further Reading

China Cracks Down On Crypto Business, Saying ‘Speculative’ Trading ‘Seriously Infringing’ On Financial Order (Forbes)

Bitcoin Bounces Back From Three Month Low As Elon Musk Denies Tesla Has Sold Its Crypto Assets (Forbes)

Tesla Will Stop Accepting Bitcoin As Payment Due To Environmental Worries, Musk Says (Forbes)

Dogecoin Stages A Comeback Amid Crypto’s $300 Billion Crash, Soaring 30% As Elon Musk And Coinbase Signal Confidence (Forbes)

The Week Crypto Crashed — Market Drops $700 Billion After Chinese Crackdown And Elon Musk’s Environmental Worries (Forbes)

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. AllStocksNews.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Owen Mayhttps://allstocksnews.com
Owen May is the editor-in-chief of AllStocksNews. He has a master's in economics and you will find him covering various topics.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisment -

Latest News

Manchin would ban gerrymandering … if he could find 10 Republicans to join him

Campaign Action Maybe this will be the straw that breaks the camel’s back and Manchin will admit, in deep sorrow,...

July 4 celebrations could be hit by shortage

Another possible shortage might mean the sky isn't as bright this Independence Day.Weeks ahead of July 4th festivities, Phantom...

Jada Pinkett Smith Shares Tupac Poem For His 50th Birthday

Image Source: Getty / Kevin.Mazur/INACTIVE Jada Pinkett Smith is remembering Tupac Shakur on what would have been his 50th birthday...
- Advertisment -