Bitcoin Fall: WazirX, Coinbase crash after cryptocurrency plunges; Twitter goes berserk

WazirX app

WazirX, one of India’s largest cryptocurrency trading platform crashed for about an hour following Bitcoin downsurge which declined almost 30 percent to $31,000, wiping out more than $500 billion in value from the coin’s peak market value.

At 7:37 hours, bitcoin was trading at $37,886.71, down 8.42% on Coindesk. It touched an intraday high of $41,213.74 and an intraday low of $30,201.96

With the trading platform crash, people took to microblogging websites and and complained about wrong valves of coins, payment issues, exchange issues and app issues.

Meanwhile, the trading app said that they are investigating the issue and working on a fix.

The website took to the microblogging website and wrote: "Reports of delays in app. We’ve received reports that you’re facing delays in trading, viewing order book and trade history on WazirX app and website. We’re investigating the issue and working on a fix. We’ll update you as soon as it’s done. Thank you for your support! (Sic)"

On May 4 too, WazirX crashed for about an hour due to a spike in Dogecoin’s price, resulting in frenzied trading.

Apart from WazirX, Crypto-exchange Coinbase too was down or some users Wednesday morning as digital coins plunged. However, the firm said in a tweet that they have put a fix in place and are monitoring the results.

"We’ve put a fix in place and are monitoring the results, however you shouldn’t run into any more trouble logging into Coinbase and Coinbase Pro. We sincerely apologize for any trouble caused by this issue, and we thank you for your patience with us today,” the company said in a tweet.

Here are some of the people's reactions:

WazirX is such worst app i ever used. Today I wanted to buy coins on dip but this shit app stopped working.i know it's not any technical fault but they do it by their selves so we people can't buy on dip and become rich!They are controlling our money @WazirXIndia @NischalShetty
The zain (@Thezain7) May 19, 2021

#wazirxdown @NischalShettyEverytime I want to sell my coins as market is going down app crashesEverytime I want to buy some coins as market is going up app crashes #WazirxNotCares #wazirxcrash #wazirx #cryptocurrency #Bitcoin anvithimmadisetty (@htivna) May 19, 2021

#wazirx @NischalShettyMembers had issues few days back today was I guess going good, now members can't buy coins in the dip due to updates. @open4profit @simplykashif @WazirXIndia @ pic.twitter.com/j3euQhUu70
Ashok Arumugham (@OnlineTechTalks) May 19, 2021

Some of them even shared memes.

*Rapid fluctuations in Crypto market*#WazirX server:#cryptocrash @crypto_news_tip pic.twitter.com/ss39LSLzCX crypto tips (@crypto_news_tip) May 19, 2021

My coins are not showing on wazirx at the time of selling. pic.twitter.com/2jfwjAl8t5
Aman (@Aman16297154) May 19, 2021

Me holding my 32 doge coins When doge was 58 vs me still holding my dogecoins hoping to recover my money#dogecoin #cryptotrading #cryptocrash #binance #wazirx pic.twitter.com/LI6hvWJ1Gd Weird One (@Weird_on3) May 19, 2021

My wazirx portfolio before and after two hours. @WazirXIndia @NischalShetty ..Whenever we see the dip we can't buy and whenever coin pumps we can't sell it .App crashes everytime like hell. You really need to work on your exchange otherwise you would be in dustbin soon.. pic.twitter.com/6mvTArPHnz
akshay nakil (@akshaynakil) May 19, 2021

Earlier in the day, the world's biggest and best-known cryptocurrency -- Bitcoin -- fell about 9 percent to as low as $38,940.04 and slipped below a key 200-day moving average.

The other coin linked to the ethereum blockchain network Ether dropped about 15 percent to $2,875.36, reported news agency Reuters.