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Coinbase was unavailable, Gemini announced poor results, and CoinMarketCap was unavailable earlier on Wednesday.
As the price of Bitcoin (BTC) has plummeted to levels not seen since February, domain demand on major crypto exchanges and websites has increased, triggering outages, erratic connectivity, and longer loading times.
Earlier on Wednesday, users of Coinbase and Binance experienced delays in Ether (ETH) and ERC-20 token withdrawals “due to congestion on the Ethereum network,” according to the status pages of both major cryptocurrency exchanges. Purportedly for the same reason, Coinbase users still have only intermittent access to the website and mobile app while crypto analytics site CoinMarketCap and crypto exchange Kraken both briefly went down, leaving crypto users unable to check market activity and trade during a critical time.
Meanwhile, Gemini reported at 2:27 pm UTC that it would be taking emergency maintenance actions to correct ongoing issues. The exchange said that “All customer accounts and funds remain completely secure.”
Several occasions after big Bitcoin price movements, Coinbase has gone offline, leaving many consumers unable to control their portfolios. Though the exchange confirmed that users’ funds were safe, outages on every exchange during major price drops or spikes can be detrimental to traders looking to buy or sell. When consumers are unable to access their accounts or exchange their bitcoin, losses will accumulate, and future gains will instantly vanish because they are unable to purchase something.
Huge token values have plummeted in what has been dubbed the “crypto bloodbath of 2021,” a reference to the March 2020 market crash, in which the price of BTC dropped to the $3,000s overnight. At the time of release, BTC was trading at $35,642, down more than 17% in the last 24 hours, while ETH was down 25%, trading around $2,000 earlier in the day. In an incredibly competitive crypto economy, almost every token project is suffering double-digit percentage declines.