Bitcoin plunged over 30%: Users of India’s largest cryptocurrency exchanges, WazirX and CoinDCX see outage

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Bitcoin plunged over 30%: Users of India’s largest cryptocurrency exchanges, WazirX and CoinDCX see outage

A statement from the People’s Bank of China on Tuesday reiterating that digital tokens can’t be used as a form of payment added to the selloff. Ethereum, the second-biggest coin, sank more than 40%, while joke token Dogecoin lost 45%.

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May 20, 2021 08:30 IST
Bitcoin plunged over 30%: Users of India’s largest cryptocurrency exchanges, WazirX and CoinDCX see outage
Bitcoin plunged over 30%: Users of India’s largest cryptocurrency exchanges, WazirX and CoinDCX see outage

New Delhi: As Bitcoin plunged over 30%, wiping out over $500 billion in value from the coin’s peak market value, users of India’s largest cryptocurrency exchanges, WazirX and CoinDCX, had to face a tough time on Wednesday.

According to reports, Bitcoin was down15% to $36,700 (Rs 26.8 lakh) at around 11am in New York. It has erased all the gains it clocked up following Tesla’s February 8 announcement that it would use corporate cash to buy the asset and accept it as a form of payment for its vehicles.

Bitcoin - Dogecoin - Elon Musk

A statement from the People’s Bank of China on Tuesday reiterating that digital tokens can’t be used as a form of payment added to the selloff. Ethereum, the second-biggest coin, sank more than 40%, while joke token Dogecoin lost 45%.

In India, a combination of factors, including a scramble to exit and buy at dips resulted in the collapse of WazirX, sending its users into a tailspin. “Our team is working on bringing WazirX back up,” the exchange said. CoinDCX, which claims to have over one lakh active monthly users, also reported a downtime due to high user traffic, after users experienced issues related to services on their website and trading apps.

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