Coinbase and Binance Go Offline Again At Peak Coin Growth

Kataryna Habeliia September 2, 2020


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The two largest cryptocurrency exchanges, Binance and Coinbase, reported about technical failures just as Bitcoin and all major altcoins showed rapid growth.

The vast majority of cryptocurrency assets are falling rapidly, and the technical problems of Coinbase and Binance only make things worse.

The price collapse has not gone unnoticed for the two largest cryptocurrency platforms. American Coinbase and Binance reported technical glitches due to increased workload.

The collapse of Coinbase and Binance

At 4 a.m. PST, Coinbase, a popular digital asset trading platform in the United States, went offline. Exchange clients could not transfer coins to other users. The crash affected all assets listed on the platform, including BTC, ETH, Bitcoin Cash, and etc. At the time of this writing, the issue has been resolved, with the technical department of the exchange trying to figure out what caused it.

Binance has also reported an issue on its servers. And users confirmed that they couldn’t access the domain. Binance quickly corrected the problem too and got the website back online.

It is still difficult to say what caused the sale in the cryptocurrency asset market. However, news of a police raid on South Korean Bithumb offices and technical problems at the two largest sites could have exacerbated the bearish sentiment.

Bitcoin and altcoins plummet in price

After a great weekend and a good start to the week, luck has turned away from the digital asset market. What started in the morning as a sluggish current correction suddenly turned into a full-scale collapse. The total market capitalization per day decreased by more than 6%, and bitcoin and all major coins are suffering impressive losses.

The first cryptocurrency on Tuesday, September 1, came close to the key resistance of $ 12,000, and today it has already approached local support at $ 11,300. Over the course of the day, the coin has fallen in price by almost 4%, while the bulk of the fall happened in a few hours on Wednesday, September 2. Ethereum (ETH) has moved away from $ 500 and is rapidly moving towards $ 440 (minus 7% in a matter of hours).

Other cryptocurrencies from the top ten, including XRP, CHAINLINK, BCH, also suffer impressive losses in the range of 6 to 11%. Even the dollar-pegged Tether (USDT) was briefly under $ 1.00, which is rare. It is noteworthy that in the top ten coins, only Binance Coin is in the green zone. Over the past day, the coin has risen in price by 3.45%.

The positive dynamics in the price is also shown by the token of our cryptocurrency exchange BXMI. During the day, it increased in price by 7%. Hurry to buy now at a bargain price.

Follow the current exchange rate with our service Coins Live Price

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