As the cryptocurrency market experienced a significant bloodbath after a massive decline in its prices, major exchanges reported delays in transactions during Tuesday. Coinbase, Gemini, and Kraken, US-based crypto firms, were among the exchanges which had these kinds of troubles.<\/p>\n
According to Gemini, the firm had issues on its platform around 11:44 EDT, when it had to enter in a full maintenance period to \u2018address an exchange issue that is causing platform issues.\u2019 However, as of press time, the problem has been solved by the support team. On the other hand, the US-listed crypto company commented at 09:55 PDT: \u201cCoinbase is experiencing a partial outage where some orders are failing due to high volume. Several fixes are in progress.\u201d<\/p>\n
Almost one hour later, Coinbase reported that the technical incident was fixed. However, around the same time as Gemini and Coinbase\u2019s issues, Kraken had troubles with its site, API, and mobile apps. \u201cWe are receiving reports of clients having difficulty connecting to the site and API as well as via mobile apps. We have identified the issue and are working to resolve it. We will provide any updates as soon as we have more information,\u201d the exchange said. However, two hours later, it was solved by the team, Kraken pointed out.<\/p>\n
Technical incidents across crypto exchange platforms are nothing unusual when the crypto market has sudden volatile moves. Today, Bitcoin (BTC) plunged over 17% to test a low at $42,830.77, while Ethereum plummeted by almost the same magnitude as BTC did, hitting a low at $3,015.<\/p>\n
Analysts and the crypto community argued that such fall in almost the major cryptos and altcoins is tied to El Salvador\u2019s news on making official Bitcoin a legal tender and the government\u2019s acquisition of hundreds of BTC. However, there are protests across the country due to the \u2018Bitcoin law,\u2019 as a part of the population doesn\u2019t agree with the ruling proposed by Nayib Bukele, considered by some as \u2018populist.\u2019<\/p>\n