Major Crypto Exchanges Suffer System Outages Amid Massive User Activity

A number of major cryptocurrency exchanges reported technical issues and system outage on Wednesday, following a massive increase in users activity. Top crypto trading platforms like Binance, Coinbase, Kraken, and Gemini were all affected today.

Crypto Exchanges Report Technical Issues

The publicly traded US exchange Coinbase reported an “intermittent downtime” on its status webpage on Wednesday.

Gemini had to undergo emergency maintenance, citing issues of stale market data. According to Gemini’s status webpage however, “a fix has been implemented and we are monitoring the results”.

Kraken suffered connectivity issues. The users also complained that their crypto wallet balances weren’t updating after completing transactions. The exchange also confirmed issues with funding via Debit / Credit Cards, all of which are being solved and monitored.

Binance had reported issues with withdrawals on Ethereum-based digital currencies. At some point, the exchange had to pause the service.

Crypto Market Faces Extreme Correction

The system outages and technical issues with these exchanges aren’t surprising, given that many crypto investors and traders have been scrambling to close their positions due to the bearish state of the market. Major cryptos like Bitcoin, Ethereum, Binance Coin and Litecoin, all dropped by more than 15 percent in price.

At the time of writing, the entire crypto market capitalization was $1.77 trillion USD, with a 16 percent decrease over the past 24 hours.