Coinbase, a crypto-exchange firm, was down Wednesday morning as cryptocurrency prices declined sharply.
According to the company, they see some issues with Coinbase and Coinbase Pro. They have information that some features may not be functioning completely normally. However, a crypto-exchange added that they investigate these issues and provide updates as soon as possible.
The firm’s stock dropped 10% just after trading started Wednesday.
Moreover, several social media users appeared frustrated at the app and site’s error while cryptocurrencies were falling, looking to buy the dip.
According to Coindesk data, Bitcoin, the biggest cryptocurrency globally, declined by 25% in 24 hours to $33,147. Meanwhile, the world’s second-largest cryptocurrency fell by 37% in the last 24 hours and traded at $2,227. A meme-based cryptocurrency, Dogecoin, also fell 37% to 33 cents apiece.
Another popular trading platform, Binance, also paused some crypto withdrawals on May 19 morning.
The company posted on its Twitter page and informed users that ETH and ERC20 withdrawals were temporarily disabled due to network congestion and apologized to them.
Crypto-Related Stocks Led by Tesla and Coinbase Fell on Wednesday
Meanwhile, cryptocurrency-related stocks led by Tesla and Coinbase declined on Wednesday as bitcoin fell the equivalent of a bear market in just a single day.
As we have already mentioned, Bitcoin’s price hit multi-week lows on Wednesday morning. The move comes after China banned financial institutions from conducting crypto-related transactions. Notably, a JPMorgan report revealed that large institutional investors were dumping bitcoin in favor of gold.
The pullback this month in BTC intensified a week ago after Tesla boss Elon Musk changed his tune on crypto and announced that the firm would stop accepting bitcoin for payment because of environmental concerns connected to crypto-mining.
Tesla, still a large holder of bitcoin, declined roughly 4% Wednesday morning. Microstrategy, which made headlines by buying a significant amount of BTC for its corporate treasury, dipped by 10%. Coinbase, the newly public crypto exchange, sank approximately 9%.