Crypto Market Crash as Coinbase and Binance facing Issues

Vandana  |  Sep 3, 2020

The largest crypto exchanges, Coinbase and Binance, have been facing several issues in their services as the crypto market crashed down. It was observed that last night, the total market capitalization of cryptocurrencies had reached $406 billion. However, just a few hours ago, there has been a huge downtrend in the majority of markets. The total market cap of cryptocurrencies has fallen down by 6.1% and now reached $382 billion. 

Most of the Crypto Market Is Suffering 

In this crypto market crash, the price of most cryptocurrencies has fallen down including Bitcoin as well. The price of Bitcoin that reached $12,000 yesterday, has gone back to $11,362. Due to this crash, Bitcoin fell by 4.7% within a day. In the past month, the price of Bitcoin has touched the $12,000 level for the third time. 

In the past one day, all the top ten cryptocurrencies have suffered many big losses by around 6 to 11%. However, stablecoins, other than Tether (USDT), have been seen unaffected by this crypto market crash. 

Coinbase crypto sending service gone down

It is noted that the crypto market crash had some major effects on several prominent crypto exchanges. Today, Coinbase has announced that its crypto sending service has gone down. All the major cryptocurrencies that were listed on the platform have been affected by this incident. Customers of the exchange are unable to transfer any of the cryptocurrencies that have been affected. Soon after 30 minutes, the issue was resolved and the sending service was activated again by the platform. 

Not only Coinbase, but Binance has also reported similar kinds of issues as the users were unable to access the domain. The exchange has also resolved this issue shortly after being noticed as the website is now operational.

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