As the price of digital coins plummeted, cryptocurrency exchange Coinbase fell on Wednesday morning.
The company’s stock fell 10% after it began trading on Wednesday. Five weeks ago, before Coinbase made its public debut, the price of Bitcoin reached $65,000 and then peaked.
When cryptocurrency plummeted, the Coinbase app and website also started working with errors. It led to the frustration of several social media users as they wanted to buy at this price.
According to Coindesk, Bitcoin, the world’s most significant digital token, fell 25% in 24 hours to $33,147. Ethereum, the digital currency that promotes Ethereum blockchain development, has fallen 37% in the past 24 hours to $2,227. Dogecoin also plummeted 37% to 33 cents.
Binance, another popular trading platform among retail investors, also announced that it is suspending some cryptocurrency withdrawals on Wednesday morning.
That’s the announcement Binance made: “Due to network congestion, withdrawals of $ETH and ERC20 are temporarily prohibited. Thank you for your patience and inconvenience.”
Bitcoin has been receiving lots of doubts and dislikes recently
Bitcoin is the world’s most significant digital token, falling to nearly $30,000 on Wednesday morning.
Before this, China banned financial institutions from conducting cryptocurrency-related transactions on Tuesday. In addition, a report by JPMorgan Chase shows that large institutional investors are dumping bitcoin and turning to gold.
Tesla CEO Elon Musk also seems to have changed his attitude towards cryptocurrency. He said that the company would stop accepting Bitcoin payments due to environmental issues surrounding crypto mining.
Tesla is still a significant holder of Bitcoin, which fell by about 4% on Wednesday morning. The micro-strategy of buying large amounts of Bitcoin as a company’s capital made headlines, and its stock price dropped 10%.
Square and PayPal, which facilitate cryptocurrency transactions and have become big buyers, fell 4% and 1.5%, respectively, on Wednesday morning.
After the transaction began, Nvidia’s stock price fell by 2%. The company produces chips for crypto mining but reportedly tried to limit its use.