Both Coinbase and Binance, two large cryptocurrency exchanges, have been experiencing issues with their services, causing many cryptocurrency markets to crash.
After reaching a peak market capitalisation of over USD 406 billion on September 1, 2020, the cryptocurrency market entered a slight downtrend, according to Decrypt. Practically all major cryptocurrencies were hit hard by the dump.
The crash has also had a knock-on effect on several prominent cryptocurrency exchange platforms, which appear to have buckled under the load. On September 2, 2020 US brokerage platform Coinbase announced that its sending service for a range of different cryptocurrencies had gone down.
This incident affected Bitcoin (BTC), Bitcoin Cash (BCH), Tezos (XTZ), and 22 other cryptocurrencies listed on the platform, leaving Coinbase customers unable to transfer affected cryptocurrencies to other users. However, in less than 30 minutes later, Coinbase resolved the issue and resumed sending services.
Similar, Binance also reported issues with its services, as users were left unable to access the Binance.com domain but it appears to have now resolved its issues and the website is operational.
What prompted the incident isn’t yet certain but reports that Korean cryptocurrency Bithumb was raided by the police over an alleged fraudulent token sale likely added fuel to the fire, the online publication added.