Bitcoin drops below $17,500 as Coinbase/Kraken report issues

Bitcoin’s price drops more than 12% to a low of $17,114 on crypto exchange Coinbase.

Bitcoin plunged more than 12% on Tuesday as the stunned crypto industry plunged into sell-out territory following news that Zhao Changpeng-led Binance had signed a letter of intent (LOI) to acquire cryptocurrency exchange FTX. .

Bitcoin Selloff Drives BTC Below June 2022 Lows

Bitcoin plummeted to a low of $17,114 on cryptocurrency exchange Coinbase after an initial rally in the cryptocurrency market amid positive sentiment.

On the downside, Bitcoin has fallen to its lowest price level since June’s crypto catastrophe. At this time, the aftermath of the collapse of Luna and Three Arrows Capital coincided with Bitcoin printing his $17,592 low.

Other markets followed suit as uncertainty and fear reached a climax as the FTX (FTT) token plunged 85% within hours on Tuesday from a high of $22 to a low of $4.60. rice field.

At the time of writing, Ethereum was trading below $1,300 and Solana was smoking near $23.80.

Coinbase and Kraken Report Connection Issues

Meanwhile, major cryptocurrency exchanges Kraken and Coinbase reported connectivity issues that only fueled negative sentiment.

Kraken announced Investigating reports that certain users are having connectivity issues via websites and mobile.

coinbase too report Connectivity issues affecting, Coinbase Pro, and Coinbase Prime platforms.Ann update Posting an hour later, the US-based cryptocurrency exchange noted improvements in network latency, but users were still reportedly struggling to access the exchange’s various platforms.

Leave a Reply

Your email address will not be published. Required fields are marked *