The vast majority of cryptocurrency markets have just crashed and both Coinbase and Binance are experiencing issues with their services.
After reaching a peak market capitalization of over $406 billion last night, the cryptocurrency market entered into a slight downtrend, which picked up significant momentum just hours ago. Now, the total market capitalization of all cryptocurrencies has fallen to $382 billion—down 6.1% in the last day.
Practically all major cryptocurrencies were hit hard by the dump. Despite reaching over $12,000 yesterday, Bitcoin is now trading at just $11,362 and has lost 4.5% of its value in the last 24 hours. Ethereum (ETH) has been hit similarly hard and is down 4.7% to reach $446. This is now the third time in a month that Bitcoin has been rejected at the $12,000 threshold, and sent the market tumbling with it.
Other top ten cryptocurrencies like XRP, Chainlink (LINK), and Polkadot (DOT) are also suffering big losses—and are down between 6 to 11% in the last day. The dramatic sell-off also affected Tether (USDT), which is currently selling at below its dollar peg at $0.982. Other stablecoins like USD Coin (USDC), True USD (TUSD), and Dai (DAI) remain largely unaffected.
Crypto exchanges struggle under the pressure
Today’s crash has also had a knock-on effect on several prominent cryptocurrency exchange platforms, which appear to have buckled under the load.