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Top Crypto Exchanges See Technical Issues Amid Market Crash
Coinbase, Gemini and Kraken are all reporting technical issues at press time.
Updated Sep 14, 2021, 12:57 p.m. Published May 19, 2021, 1:55 p.m.
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.
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- 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
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