Cryptocurrency Markets Crash As Coinbase, Binance Suffers In Problems

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The vast majority of the cryptocurrency markets have just collapsed and Coinbase and Binance are having issues with their services.After hitting a market cap peak of over $ 406 billion last night, the cryptocurrency market entered a slight downtrend, which accelerated just a few hours ago. Today, the total market cap of all cryptocurrencies fell to $ 382 billion, down 6.1% on the last day.

Virtually all of the major cryptocurrencies have been hit hard by the landfill. Although it hit over $ 12,000 yesterday, Bitcoin is now trading at just $ 11,362 and has lost 4.5% of its value in the past 24 hours. Ethereum (ETH) was similarly hit and is down 4.7% to $ 446. Now is the third time in a month that Bitcoin has been rejected at the $ 12,000 threshold and brought down the market with it.

The top ten cryptocurrencies like XRP, Chainlink (LINK) and Polkadot (DOT) are also taking big losses – and are down 6-11% on the last day. The sell-off also affected Tether (USDT), which is currently selling below its dollar peg at $ 0.982. Other stable coins like USD Coin (USDC), True USD (TUSD) and Dai (DAI) remain largely unchanged.

Crypto exchanges struggle under pressure

Today’s crash also had a ripple effect on several leading cryptocurrency exchange platforms, which appear to have warped under the load.

As of 4:00 a.m. PDT, the popular US brokerage platform Coinbase announced that its sending service for a range of different cryptocurrencies had declined. This incident affected Bitcoin (BTC), Bitcoin Cash (BCH), Tezos (XTZ) and 22 other cryptocurrencies listed on the platform, leaving Coinbase customers unable to transfer the affected cryptocurrencies to other users. Less than 30 minutes later, Coinbase fixed the issue and resumed sending services.

Likewise, Binance also reported issues with its services, with users unable to access the Binance.com domain earlier today. Like Coinbase, Binance now appears to have resolved its issues and the website is up and running.

It is not yet clear what prompted today’s sale, but reports that Korean cryptocurrency Bithumb was attacked by police for an alleged fraudulent token sale likely fueled the fire.

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