Top Crypto Exchanges See Technical Issues Amid Market Crash

Cryptocurrency market prices of most assets have dropped to the lowest level in months and major crypto exchanges look to be struggling under heavy traffic.

• Coinbase, Gemini and Kraken are all reporting technical issues at press time.
• Coinbase's status page indicates there is "intermittent downtime," with problems across website, mobile and APIs, as well as delays with ether and ERC-20 withdrawals it puts down to network congestion.
• Kraken's page lists "connectivity issues" on web and mobile, as well as a problem with its Instant Buy feature.
• The Winklevoss brothers-founded Gemini platform is highlighting more generally that systems are suffering "degraded performance," as well as listing API problems.
• Binance hasn't reported any general issues across its exchange, though it also says ether and ERC-20 token withdrawals are "temporarily disabled due to network congestion."
• Crypto broker Voyager Digital has said its app is down, too, citing "widespread exchange outages and exchange connectivity issues across the market."
• During the Asian trading hours bitcoin and other cryptocurrencies accelerated their recent losses, with bitcoin dropping to as low as around $34,000 at press time – its lowest since Feb. 2.

UPDATES:

• 14:24 UTC: Binance has temporarily suspended trading for all Binance Leveraged Tokens except for: BTCUP, BTCDOWN, ETHUP, ETHDOWN, BNBUP and BNBDOWN.
• 15:14 UTC: Binance says ether and ERC-20 token withdrawals have been resumed, but fees have been raised to account for high gas prices.
• 17:13 UTC: "From where we stand, it appears that many investors are now taking advantage of this morning's disruption to buy the dip, leading to a significant surge in web traffic and trading activity across the industry," a Kraken spokesperson told CoinDesk. "Many exchanges, including Kraken, are currently experiencing connectivity issues. We are working to resolve the issue as soon as possible."

Read more: Bitcoin Drops Below $40K, Triggering $3B in Liquidations