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Global Crypto Exchanges Break (Again), and this is Why?



This week might go down as one of the roughest weeks in the crypto world, with close to 1 trillion USD in market value being wiped off. Wednesday may be the worst of it, as the world’s two largest digital asset exchanges, Binance and Coinbase Global Inc., suffered service outages, sending Bitcoin falling the most since 2013.

While exchanges are central a components to the digital asset world, they regularly go down when traffic on blockchain networks gets too high, calling into question their readiness to serve a quickly growing market. At the height of the last bull market in 2017 both Coinbase and Binance often shut users out of their accounts due to internal problems. Blockchain and crypto believers like to think they’re changing the world yet the backbone of the industry is clearly not ready for prime time.

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Many traders in crypto use borrowed money to boost their returns, which leaves them vulnerable to having their positions automatically sold if prices drop. In the last 24 hours, more than 775,000 traders have had their account liquidated, equal to $8.6 billion worth of crypto, according to data.

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