Warning: Trying to access array offset on value of type bool in /var/www/newsroompostcom/wp-content/themes/newsroom24/functions.php on line 1115
lang="en-US"> Bitcoin plunged over 30%: Users of India’s largest cryptocurrency exchanges, WazirX and CoinDCX see outage
Site icon NewsroomPost

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%.


Warning: Undefined array key "caption" in /var/www/newsroompostcom/wp-content/plugins/amp/templates/featured-image.php on line 28

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.

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.

Here is how Twitterati reacted: