Major Crypto Platforms Face Technical Troubles amid Strong Market Sell-Off

The trouble happened in the context of Bitcoin's prices plummeting by over 17%.

As the cryptocurrency market experienced a significant bloodbath after a massive decline in its prices, major exchanges reported delays in transactions on Tuesday. Coinbase, Gemini and Kraken, US-based crypto firms, were among the exchanges which had this kind of trouble.

According to Gemini, the firm had issues on its platform around 11:44 EDT, when it had to enter in a full maintenance period to ‘address an exchange issue that is causing platform issues.’ However, as of press time, the problem was solved by the support team. On the other hand, the US-listed crypto company commented at 09:55 PDT: “Coinbase is experiencing a partial outage where some orders are failing due to high volume. Several fixes are in progress.”

Almost one hour later, Coinbase reported that the technical incident was fixed. However, around the same time as Gemini and Coinbase’s issues, Kraken had trouble with its site, API and mobile apps. “We are receiving reports of clients having difficulty connecting to the site and API as well as via mobile apps. We have identified the issue and are working to resolve it. We will provide any updates as soon as we have more information,” the exchange said. However, two hours later, it was solved by the team, Kraken pointed out.

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El Salvador and Bitcoin

Technical incidents across crypto exchange platforms are nothing unusual when the crypto market has sudden volatile moves. Today, Bitcoin (BTC) plunged over 17% to test a low at $42,830.77, while Ethereum plummeted by almost the same magnitude as BTC did, hitting a low of $3,015.

Analysts and the crypto community argued that such a fall in most of the major cryptos and altcoins is tied to El Salvador’s official news on making Bitcoin legal tender and the government’s acquisition of hundreds of BTC. However, there are protests across the country due to the ‘Bitcoin law,’ as a part of the population does not agree with the ruling proposed by Nayib Bukele, who is considered by some as a ‘populist.’

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