Users of India’s largest cryptocurrency exchange, WazirX and coinDCX,had a tough time on Wednesday due to outages as Bitcoin plunged over 30%wiping out over $500 billion in value from the coin’s peak market value.
It was down 15% to $36,700 at around 11am in New York. It was 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 selloff. Ethereum, the second biggest cion,sank more than 40% ,while joke Dogecion 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 inti tailspin. ‘Our team is working on bringing WazirX back up’ the exchange said. CoinDCX, which claims to have over one lakh active montly 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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