Coinbase, Kraken down as Bitcoin breaks below June low
Coinbase and Kraken have been experiencing connectivity issues as FTT's slump dragged Bitcoin below its June lows of $18,000.
- Kraken and Coinbase have both been experiencing connectivity issues in the past hour.
- Just before 19:00 UTC, Kraken announced that it was investigating reports from users who reportedly had difficulty connecting to Kraken both on desktop and mobile.
- The issue was still being investigated at press time.
- Coinbase noted a similar issue, saying some of its users were unable to sign in to their accounts and experienced slow loading. The exchange managed to identify the issue and implement a fix within an hour.
- Connectivity issues the exchanges experienced fueled rumors that the services were down due to a “bank run.”
- Bitcoin saw its price drop below its June low, struggling to reach $18,000 at press time. FTT’s sharp drop dragged the rest of the market with it, devastating Bitcoin’s price after a short-lived pump pushed everything into the green.
- As previously covered by CryptoSlate, FTT’s price spiked and then tanked on news that Binance was intending to acquire FTX.
- The exchange has been struggling with insolvency rumors for days. FTX admitted defeat earlier today saying it required an investment from Binance to solve its liquidity crunch.