Bitcoin plunged over 30%: Users of India’s largest cryptocurrency exchanges, WazirX and CoinDCX see outage

New Delhi: As Bitcoin plunged over 30%, wiping out over $500 billion in value from the coin’s peak market value, users of India’s largest cryptocurrency exchanges, WazirX and CoinDCX, had to face a tough time on Wednesday.

According to reports, Bitcoin was down15% to $36,700 (Rs 26.8 lakh) at around 11am in New York. It has erased all the gains it clocked up following Tesla’s February 8 announcement that it would use corporate cash to buy the asset and accept it as a form of payment for its vehicles.

Bitcoin - Dogecoin - Elon Musk

A statement from the People’s Bank of China on Tuesday reiterating that digital tokens can’t be used as a form of payment added to the selloff. Ethereum, the second-biggest coin, sank more than 40%, while joke token Dogecoin lost 45%.

In India, a combination of factors, including a scramble to exit and buy at dips resulted in the collapse of WazirX, sending its users into a tailspin. “Our team is working on bringing WazirX back up,” the exchange said. CoinDCX, which claims to have over one lakh active monthly users, also reported a downtime due to high user traffic, after users experienced issues related to services on their website and trading apps.

Here is how Twitterati reacted:

 

The post Bitcoin plunged over 30%: Users of India’s largest cryptocurrency exchanges, WazirX and CoinDCX see outage appeared first on NewsroomPost.



Comments

Recover Funds said…
Great article by the great author, it is very massive and informative but still preaches the way to sounds like that it has some beautiful thoughts described so I really appreciate this article. best recover stolen cryptocurrency service provider.
I read your blog now share great information here. Bittrex Exchange Review
It’s actually a great and helpful piece of info. I’m happy that you just shared this helpful info with us. Please keep us informed like this. Thanks for sharing! Best investment recovery service provider.