Cryptocurrency exchanges Binance and Coinbase encounter tech difficulties as the crypto-marketplace experiences a drastic decrease.

In short

  • Almost every crypto is hit with big losses since BTC was rejected at the USD12k mark for the 3rd time in one month.
  • The result of trading volume increasing was troublesome for many big crypto-exchanges, like Coinbase and Binance.
  • Korean crypto-exchange Bithumb seems to have been riddled by the police on the suspected illegal selling of tokens.

The overwhelming amount of crypto-marketplaces just collapsed, and Coinbase and Binance are facing problems with their offerings.

Last night, after hitting a record marketplace capitalization of more than $406 billion, the crypto-marketplace got into a minor downtrend, which only a few hours ago picked up a major momentum. Today, the overall marketplace capitalization of all cryptos has declined to USD382B — a fall of 6.1 percent in the last day.

Almost every big digital coin has been hard hit by the drop. After hitting more than USD12k yesterday, BTC is currently trading at only USD11,362 and lost 4.5 percent of its value on the last day. Ethereum was hit equally and went down 4.7 percent to $446. This is the 3rd time in a month that BTC has been rejected at the USD12k benchmark and has taken the market down with it.

Other popular cryptos, such as XRP, Chainlink (LINK), and Polkadot (DOT), are also experiencing significant losses — between 6 and 11 percent in the last day. The significant sale also impacted Tether, which is now trading at $0.982 under its dollar peg. Other stablecoins such as USD Coin, Real USD, and Dai stay pretty much safe from trouble.

Cryptocurrency exchanges fail faced with problems

Today’s crash has had an impact on a number of popular cryptocurrency trading sites that seem to have given into the pressure.

The famous US trading platform Coinbase reported that its sending service for a number of various cryptos went down. This had an effect on Bitcoin, Bitcoin Cash, Tezos, and 22 other cryptocurrencies, leaving Coinbase customers with no way of moving affected cryptos to other users. Less than half an hour after that, Coinbase settled the matter and carried on sending services.

Binance also confirmed problems with its services, as traders were not able to enter Binance.com. As Coinbase, Binance seems to have fixed its problems, and the web page is operational.

Precisely what caused today’s selling is not yet known, but news that the Korean crypto Bithumb had been raided by authorities over suspected illegal selling of tokens likely contributed to the issue.