Crypto trade halts amid crash

Cryptocurrencies such as bitcoin, ether, cracked after China banned its institutions from dealing in digital assets

The cryptocurrency exchange said it is investigating the issue and working on a fix.
The cryptocurrency exchange said it is investigating the issue and working on a fix.

2 min read.  Abhinav Kaul

Platforms of leading cryptocurrency exchanges such as WazirX and CoinDCX crashed on Wednesday evening on a surge in trading volumes as some investors moved to cut losses amid the rout in the crypto market while others looked for value buying options.

After many users complained of issues on Twitter, WazirX acknowledged the problem, and said that it is investigating the issue and working on a fix. “We’ve received reports that you’re facing delays in trading, viewing order book and trade history on WazirX app and website,” the company tweeted.

Moreover, CoinDcx in a statement said that their team has identified the issues and were working to resolve them at the earliest. “Due to high user traffic, we are aware some of our users like you might be experiencing issues related to services on our website and our apps,” the statement further read.

Cryptocurrencies such as bitcoin, ether and dogecoin cracked on Wednesday after China banned its financial and payment institutions from dealing in digital assets. The sentiment took a further hit on inflation worries in the US.

Reportedly, global crypto exchanges such as Binance and Coinbase also crashed amid a trading volume surge. Users of CoinSwitch Kuber also complained about issues with the platform on Twitter. The crypto exchange tweeted that its team was working on the issue.

“The heavy price dip in the market has encouraged more people to buy into the dip thereby causing a tremendous surge in our traffic. We’re seeing approximately 400% more traffic than what we witnessed in the previous month. Our team is working on bringing WazirX back up,” said Nischal Shetty, CEO, WazirX.

“To accommodate the rapidly growing traffic and volume, we’re working on an upgrade for the WazirX trading engine named Project Raftaar. The first version should be ready soon,” he added.

Another crypto platform, BuyUcoin, whose app was working slow, said they witnessed a sudden surge on their platform when a large number of users were trying to buy the dip in crypto prices. “Cryptocurrencies were selling at 30-50% sale, which resulted in high user traffic,” said Shivam Thakral, CEO, BuyUcoin.

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