Major crypto exchanges are facing technical issues

Amid Bitcoin Rollercoaster, major crypto exchanges are facing issues
  • Major crypto exchanges faced small technical dysfunctionalities
  • The reason behind the issues were the irregularities in the prices of some crypto tokens and a sudden increment in demand
  • The Bitcoin price rollercoaster and DOGE coins bark were the primary reasons increasing demand for cryptos suddenly

Major crypto exchanges like Binance, Kraken, and Bittrex are observed facing technical issues. It is found that the reason behind the problems is the high fluctuation of Bitcoin prices. After one more time Bitcoin reminded its volatile nature, Binance had to halt withdrawals temporarily. On the other hand, Kraken also revealed some connectivity issues faced by its trading platform. And in the case of Bittrex, it is known that Dogecoin is the culprit token who’s unclear surge brought technical dysfunctionalities to its trading platform.

Effects of Bitcoin rollercoaster on major crypto exchanges

Reportedly Binance, one of the major digital assets exchanges, revealed that it would suspend withdrawals for the short term. According to the exchange, the suspension was in order to address a considerable increment in the requests generated from new users. However, the firm clarified that the funds of the investors are entirely safe.

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On the other hand, Kraken, a veteran crypto exchange based in the United States, officially revealed some connectivity issues. According to the exchange status, the technical team has identified the dysfunctionality and soon will resolve it.

Effect of Dogecoin’s bark on Bittrex

DOGE tokens have tremendously surged by 800% in just some hours on Friday. The reason behind the surge was unclear, though many believed that the Reddit forum r/wallstreetbets were the reason behind the surge. However, the increasing attraction towards the token led Bittrex to work upon the DOGE wallet. Bittrex, US-based crypto trading platform, tweeted and revealed that the token’s wallet on its platform and the exchanges mobile application went under maintenance. According to the announcement, the team was working to fix the issue after backing it up.

Some irregularities in the crypto market regarding prices

Recently, few irregularities were observed in the prices of crypto tokens. Mainly the price of Bitcoin and Dogecoin remained highly volatile. On Friday, the price of DOGE was observed soaring tremendously by 800%. Meanwhile, Bitcoin was also regarded soaring as the CEO of Tesla Elon Musk, updated his Twitter profile, including the name of Bitcoin. However, these increments in prices resulted in outages on a few of the world’s foremost digital assets exchanges. And the exchanges started to reveal technical dysfunctionalities on their trading platform.

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Ahtesham Anis
Ahtesham Anis is a Computer Science undergrad student currently based out of India. Coming from the business background and his keen interest in Cryptocurrency and Blockchain technology is what Ahtesham brings to the table. He is always an eager learner when it comes to exploring the new technologies and topics in the crypto world.

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