Cryptocurrency Market Update: Coinbase and Binance go offline amid crypto bloodbath

Two world's largest cryptocurrency exchanges experienced technical issues on Wednesday, September 2, amid a major sell-off on the market. 

Technical issues strike again

Coinbase went offline at 4  AM PDT. The customers of the exchange were not able to send their digital assets listed on the platform to other users. The bug is resolved at the time of writing. Binance users experienced difficulties with the website operations. Thus, Binance.com was unavailable for some time. The technical support confirmed the issue and promised to slove it as fast as possible. Now the website is fully operational.

We are aware of some temporary difficulties accessing Binance.com. Rest assured our team is working on it. Thank you for your patience and apologies for any inconvenience caused.

Sure enough, the community was irritated with many commentators asking for a refund for the downtime. Some people received liquidation emails amid the massive sell-off on the market, but they could not do anything with the positions as the services were not available.

Thanks for the reassuring liquidation emails! i'm glad the team is working on it. No inconvenience caused at all! Surely those who got hurt by your whole platform going down while others could still trade will be compensated anyway right! Keep up the good work

What's going on on the market

Meanwhile, the cryptocurrency market has been drowning in red since the beginning of the European session. While it is hard to say, what caused the decline, the issues of the South Korean Bithumb and the outages at the two large exchanges definitely added more fuel to the fire.

At the time of writing, Bitcoin (BTC) is changing hands at $11,350; however, the coin tested the intraday low of $11,173. The first digital coin has lost nearly 5% since the start of Wednesday and the downside momentum is still strong.

Ethereum (ETH) dropped to $420 before recovering partially to $441. ETH/USD is down over 7% since the beginning of the day, though the short-term momentum is positive again, which means that the coin may be ready to regain some losses.

XRP/USD failed to settle above $0.30 and crashed to $0.2630. At the time of writing, the coin is trading at $0.2750, down 6% since the beginning of the day.