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Major Crypto Exchanges Binance And Coinbase Down As Crypto Selloff Intensifies, Gas Fees Skyrocket

May 19, 2021 5:04 pm
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Major Crypto Exchanges Binance And Coinbase Down As Crypto Selloff Intensifies, Gas Fees Skyrocket

Major crypto exchanges across the world reported outages as Bitcoin’s price slipped to $30,000.

What Happened: Market-wide fear driven by $4 billion liquidations in the past hours further intensified as panicked sellers were unable to access their accounts on several crypto exchanges.

Binance, the world’s largest crypto exchange, said it had temporarily suspending withdrawals of Ethereum and other ERC-20 tokens due to network congestion.

Following the congestion on the network, Ethereum (CRYPTO: ETH) gas fees surged once again, with an average ERC-20 transfer costing over $140 and an average swap on Uniswap ranging between $411 and $457.

Binance also reportedly suspended trading and redemption for all Binance leveraged tokens.

U.S crypto exchange Coinbase Global Inc (NASDAQ:COIN) too reported an outage following the steep drop in crypto prices.

“We’re seeing some issues on Coinbase and Coinbase Pro and we’re aware some features may not be functioning completely normal,” the company said in a statement to CNBC. “We’re currently investigating these issues and will provide updates as soon as possible.”

See also: Coinbase Review

Reports of delays and outages were not limited to certain geographies, as one of India’s largest crypto exchanges, WazirX, stated on Twitter that it was looking into issues with its order book, website, and trading delays on the platform.

Price Action: Bitcoin (CRYPTO: BTC) briefly touched $32,000, and was trading at $38,572, down 45% from its all-time high of $64,800 last month.

The second-largest cryptocurrency by market cap, Ethereum, was also down considerably over the past 24-hours, hitting a low of $1,952 earlier today.

The coin reported an all-time high of $4,362 only last week and has since lost over 43% of its value. It was trading at $2,476

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