Crypto exchanges report outages amid extreme market volatility

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Multiple crypto exchanges are experiencing outages today amid a steep price drop for many crypto assets. The venues report heavy traffic crashing platforms and high network use congesting the Ethereum network, resulting in withdrawal delays.

Voyager Digital's application is in maintenance mode, according to the exchange. "Due to market volatility, there are wide-spread exchange outages and exchange connectivity issues across the market," Voyager tweeted.

Bitcoin's price, among other assets, saw a sharp drop this morning, leading to the increased exchange activity.

The price of ether has seen a similar decline. As many people have been attempting to withdraw their ETH or ERC-20 tokens — or trade them on decentralized exchanges — this has congested the Ethereum network, causing increased withdrawal time at exchanges and exceptionally high gas fees.

Coinbase is reporting "intermittent downtime" on its platform. It did not list an identified issue, but said a fix is being implemented. In addition to frequent outages, Coinbase customers are reporting delayed ether, ERC-20 and Stellar withdrawals.

Binance.US is also reporting increased withdrawal time related to the Ethereum network, but no deposit issues. Its affiliate company Binance has resolved the issue, but has increased withdrawal transaction fees to account for higher gas fees. 

Kraken is reporting users are experiencing "connectivity issues" on its platform. A fix is currently being implemented, according to the notice. 

Gemini has undergone emergency maintenance for a range of issues, including delays to its market data and web user interface, but has already implemented a fix that it it is currently monitoring.

Bitstamp said any issues related to application outages have been resolved as of an hour ago. The exchange said it's continuing to monitor the progress. 

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Aug 11, 2021, 5:18PM UTC
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