As crypto prices of bitcoin, ethereum and other crypto prices faltered on Wednesday (19), retail investors in the cryptocurrency world wailed as two well-known cryptocurrency exchanges, Coinbase and Binance (Coinbase platform), faced outages due to excessive traffic.
At around 8:35 p.m. Taipei time on Wednesday, well-known cryptocurrency exchange Coinbase announced, “We are currently investigating the outage.”
Leading cryptocurrency exchange Coinbase reports outages across the U.S. (Photo: Coinbase/OpenStreetMap)
Another cryptocurrency exchange, Binance, suffered a similar issue or platform outage at the same time, with Binance tweeting, “Excessive network traffic has resulted in the suspension of Ether and ERC20 in the Binance platform.”
ERC20 is the data communication protocol/rules (protocol) on the Ethereum platform.
Bitcoin plunged from $43,943.91 to $30,000 in 24 hours at one point after the People’s Bank of China (PBOC) announced on Tuesday that it was banning financial institutions from providing services related to cryptocurrency trading, while warning the public about the risks associated with trading digital assets, and was slightly up at $34.28 million for the time being before press time.
Ether fell more than 40% below the $2,000 mark in 24 hours, coming in at a single day low of $1,888, and was temporarily at $2,449 before press time. The total market value of cryptocurrencies has evaporated trillions of dollars in a single day.
JP Morgan released a report saying, “The current fair value of bitcoin is forecast to be $35,000 based on current bitcoin to gold volatility of approximately 4x.”
Shares of cryptocurrency exchange Coinbase jumped nearly 10% at the opening bell Wednesday, temporarily trading at $217.40. Shares of Tesla (TSLA-US), which is tied to the price of bitcoin, opened down more than 4% Wednesday at a tentative $552.95.
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