Cryptocurrency Exchanges Witness Operational Issues Amid Bitcoin Flash-Crash

Azeez Mustapha
7 September 2021 | Updated: 7 September 2021

Several cryptocurrency exchanges in the US suffered operational issues today amid the sharp crypto market crash sponsored by an intense rejection of Bitcoin. Not surprisingly, this correction comes on the same day El Salvador officially kicked off its Bitcoin Law.

Top exchanges like Coinbase, Kraken, Gemini, and others reported that their users experienced difficulties using the platform due to market activity. America’s largest crypto exchange Coinbase has a “degraded performance” banner at the top of its site to caution users.

Earlier on Tuesday, the exchange’s Twitter support handle tweeted that:

“We’re aware transactions are currently delayed or canceled at elevated rates, and our apps may be experiencing errors.” The account added that a “sudden increase in network traffic and market activity led to a degradation in our services.”

Later in the day, the account tweeted again that “Transactions are going through normally and service issues have been resolved. We’ve taken steps on our end to maintain stability and keep our services up. Thank you for your patience and understanding while we worked to address this!”

Meanwhile, Kraken noted via its states page that it was experiencing web and mobile connectivity troubles and email delivery issues. The exchange announced earlier today that “logins, trading, and funding operations are unavailable intermittently” amid endeavors to address connectivity problems. Kraken later announced that trading functionalities operated normally and that connectivity issues were getting addressed.

According to its status page, Gemini went into maintenance mode temporarily “to address an exchange issue that is causing platform performance issues.” However, the exchange subsequently announced that the operation had returned to normal.

Cryptocurrency Exchanges Suffer Outages during Market Turbulence

Exchange outages have become a common sight during periods of extreme market turbulence. According to market reports, billions of dollars worth of long positions got liquidated with the recent crash.

At press time, Bitcoin trades at $47,150, after recording a lot of $42,600.

 

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Azeez Mustapha

Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.