Coinbase and Kraken declined after Bitcoin falls below its bottom in June
Coinbase and Kraken have experienced connection troubles as the decline of FTT have sent Bitcoin below its June lows of $18,000.
Just before 19:00 UTC, Kraken declared that it was examining claims from desktop and mobile users that they were unable to connect to Kraken.
Coinbase reported a similar problem, stating that some customers were unable to access their accounts and had sluggish loading times. Within an hour, the exchange was able to identify the problem and apply a solution.
Connection problems The trades encountered encouraged claims that the services were unavailable because of a “bank run.”
At press time, the price of Bitcoin was fighting to reach $18,000, having fallen below its June low. FTT’s precipitous decline drove down the rest of the market, destroying Bitcoin’s price after a brief surge moved everything into the black.
As previously reported by CryptoSlate, FTT’s price rose and then fell after the announcement that Binance planned to buy FTX.
The exchange has been plagued by reports of bankruptcy for days. FTX conceded defeat earlier today, stating that it needs an investment from Binance in order to address its liquidity issue.