ETHUSD contract from Bybit derivative exchange crashed, Ethereum price and cryptocurrency affected?

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It seems the cryptocurrency market ran into an undesirable crash when it started a flash crash not too long ago, such as Ethereum price has also dropped 5%, trading around $ 588. The reason is attributed to the fact that the ETHUSD contract from the Bybit derivative exchange has encountered an unspecified problem and technical errors from Coinbase.

ETHUSD contract from Bybit derivative exchange crashed, Ethereum price and cryptocurrency affected?

According to Chinese crypto reporter Wu Blockchain, the ETHUSD contract from China’s largest derivative exchange Bybit failed today, November 25. However, the cause of this failure has not been determined; it is not clear whether it is a technical error or a customer’s operating error.

 

The CEO of Bybit, BEN, said:

“Customers suffering losses will be inspected and compensated, and a complete investigation report will be released within the next few days.”

According to CoinMarketCap data, Bybit’s derivative trading volume is second only to Binance and Huobi.

Elsewhere, regarding Coinbase, some users started reporting crashes in the platform followed by a drop in the price of XRP to its current level – $ 0.64, a drop of almost 6% in 24. hours passed.

According to data from Downdetector, the Coinbase platform may have encountered a problem, with about 64% of users reporting errors while visiting the website, 28% when logging in, and 6% when switching tabs.

Information from Downdetector points out:

“A lot of users say their money is missing. When doing some more mining, it looks like the orders on the CB are stuck.”

As shown in the chart below, the platform’s issues over the past 24 hours started around midnight on November 24th. By that time, the reported issues had increased significantly to 900. The most affected regions are the United States and some parts of Europe. The number of reported issues has decreased since then, but there are still issues accessing the exchange. This directly contradicts Coinbase. The platform says it is doing at 100% in one state, but as shown in the image below, the top XRP buyers on the platform fell within 15 minutes.

ethusd-contract-from-bybit-derivative-exchange-crashed-ethereum-price-and-cryptocurrency-affected

XRP top buyers on Coinbase down 30% in 15mins

Despite the Coinbase failure and the rapid price decline, FOMO in the XRP community remains strong.

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