Coinbase, Kraken down as Bitcoin breaks below June low

November 8, 2022

Kraken and Coinbase have both been experiencing connectivity issues in the past hour.
Just before 19:00 UTC, Kraken announced that it was investigating reports from users who reportedly had difficulty connecting to Kraken both on desktop and mobile.
The issue was still being investigated at press time.
Coinbase noted a similar issue, saying some of its users were unable to sign in to their accounts and experienced slow loading. The exchange managed to identify the issue and implement a fix within an hour.
Connectivity issues the exchanges experienced fueled rumors that the services were down due to a “bank run.”
Bitcoin saw its price drop below its June low, struggling to reach $18,000 at press time. FTT’s sharp drop dragged the rest of the market with it, devastating Bitcoin’s price after a short-lived pump pushed everything into the green.
As previously covered by CryptoSlate, FTT’s price spiked and then tanked on news that Binance was intending to acquire FTX.
The exchange has been struggling with insolvency rumors for days. FTX admitted defeat earlier today saying it required an investment from Binance to solve its liquidity crunch.

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