Coinbase And Kraken Experience Connection Issues While Bitcoin Hits New Low Of 2022

Along with the news that Binance will acquire FTX, the Sam Bankman-Fried exchange that has recently been in crisis, Coinbase and Kraken have also encountered problems in the context of a rapidly plunging market.

The news that was probably shocking yesterday was that FTX, the exchange with liquidity difficulties, was forced to ask for help from Binance. It is worth mentioning that the time from when Binance CEO Changpeng Zhao said he would sell all of his FTT investment until Binance reached an agreement to buy back FTX was only about 72 hours.

According to Coinbase Support, the exchange claimed it was having problems with network connections for Coinbase.com, Coinbase Pro, and Coinbase Prime. It stated that the problem was due to the platform receiving many new user sign-ups and transfers on November 8.

The company said that the patch had been put in place and that it was being monitored to make sure it was functioning at about 8 PM UTC.

Kraken declined to comment on the problems via its public channels, but it did point out that it utilizes proof-of-reserve checks, allowing customers to check their exchange balances as well as the assets it backs.

Kraken said that the connection difficulties had been fixed after a remedy was applied in a late November 8 status page update.

The series of tweets triggered a sell-off of the FTX token that resulted in its price breaking below its support. Even Bitcoin, the king coin, was affected by this event. It made a new bottom below $17,200 this year, not long after the crypto market plunged into panic.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Website: coincu.com

Harold

CoinCu News