Leading cryptocurrency exchanges goes down after the surge in trading volume to cut losses amid the market crash. Centralized cryptocurrency exchanges such as Coinbase, Binance, WazirX, CoinDCX servers go down amid high traffic.
The meltdown in the cryptocurrency market rose high trading volume on centralized exchanges. The meltdown saw Bitcoin and Ethereum lose 30% and 40% of their value in 24 hours.
Centralized Exchanges has a habit of going down during steep market corrections. Temporary surges in trading volume make their servers down because of low capacity.
Coinbase indicated “intermittent downtime” with problems across websites and apps & stopped ERC-20 withdrawals. Binance also stopped withdrawals & trading saying “temporarily disabled due to network congestion”.
Indian Exchanges such as WazirX & CoinDCX also got crashed. Users in India took to the social media platform Twitter to raise issues.
CoinDCX in a statement said that their team had identified issues and they resolve them at the earliest possible.
Moreover, Wazirx also faces problems and said we’re investigating the issue and working on a fix. we’ll update you soon.
Users of Coinswitch kuber also complained about issues with the platform on Twitter. The exchange tweeted, “We are trying our best to get this sorted at the earliest.”
The crash was in reaction to China’s ban on financial & payment institutions for providing crypto services. The market was already under pressure from the week amid Elon Musk’s comment on Energy usage by Bitcoin and Tesla’s suspending Bitcoin payments.
