Connectivity issues
As investors tried to sell their investments or deposit money, the exchanges servers became overloaded. This resulted in many traders being unable to buy "the dip".For example, Coinbase whose status showed that there was intermittent downtime, with issues across website, mobile and APIs. This made it impossible for investors to access their funds. Binance on the other hand suspended ERC20 withdrawals.
During the most active hours, customers posted on Twitter that they were unable to deposit. Revolut, Kraken and Gemini had connectivity issues that resulted in customers not being able to use the exchange.
Stock traders saw similar kinds of problems with their brokerage accounts during the so-called meme stock rally earlier this year.
What's in it for the future?
The number of exchanges that went down shows that the core components of the digital asset world are still fragile. In 2017, there were similar situations with Binance and Coinbase which led to users being locked out of their accounts. Binance stated it was in the process of fixing its problems.Despite the outage, Coinbase has performed better than in previous years.
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With over 2.4M tokens and widespread misinformation in crypto, we cut
through the noise and consistently find winning assets.
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