The virtual currency market experienced a major drop on Wednesday, taking down with them other related enterprises such as crypto exchanges.
While transactions’ flow was increasing, some of the most important crypto exchanges started experiencing problems and eventually several of them crashed. Coinbase, Binance, Kraken, and Gemini reported technical troubles which took several hours to be fixed.
In a status posted on Coinbase’s webpage, the network began having issues on May 19, 2021 – 06:12 PDT. Even though it was solved at 08:36 PDT, the platform continued experiencing several incidents reported by its users until May 19, 18:48 PDT.
Kraken reported problems mostly related to its mobile application that started on May 18, 21:22 UTC. “Some clients have reported issues opening the Kraken Mobile App on certain Android devices. We are currently debugging the issue and will update as soon as we confirm a fix,” the company posted on its website.
“From where we stand, it appears that many investors are now taking advantage of this morning’s disruption to buy the dip, leading to a significant surge in web traffic and trading activity across the industry.”Kraken spokesperson told CoinDesk
The largest digital currency exchange by volume, Binance, was also having technical issues in outages. Reports from its users exceeded 100 by early morning and continued to grow in number during the day. “User reports indicate Binance is having problems since 9:28 AM EDT,” was posted by downdetector.com.
Crypto exchanges had all sorts of trading issues while the most important digital currency was experiencing a major drop. Bitcoin was traded at $30,201.96 on May 19, the lowest price since February. As expected, people all over the world started to buy the dip, which was very difficult due to transaction traffic.
Read more about Bitcoin’s free fall in this article!