Bitcoin price drop gathers momentum as prospective Binance problem agitates financiers

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< img src=""> Getty Images Major cryptocurrencies fell sharply Wednesday as reports of a system errors at a popular exchange platform appeared to agitate investors. Virtual-currency traders likewise absorbed reports that a major U.S. regulators was demanding that exchanges register.

What began as “Something is going on over at Binance” quickly escalated.

“WTF is occurring! Binance just sold all my alts at market rate and I have got simply the Bitcoin now. Is it due to the fact that of account getting hacked or binance bot concern,” one user asked on a Reddit channel, describing alternative coins to bitcoin, referred to as alt coins, and tech problem’s being reporting by some on the platform related to users’ portfolios being reconfigured or depleted.

Soon after the company launched a statement saying they are “examining reports of some users having issues with their funds.” This didn’t de-escalate the concern with some users stating they were seeing not just altcoin, however bitcoins were disappearing from their account.

To include to the turmoil, Binance then suspended withdrawals.

Coinbase revealed it had introduced a weighted index fund, which the exchange hoped would open cryptocurrency investing to a wider audience. There had been speculation that the statement would be that Ripple was to note on Coinbase. After trading to as high as $1.08 in the days leading up to the index-fund news. Ripple plunged by more than 20% and is trading at 83 cents, down 9.7% today.

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