Coinbase outage reported amid crypto selloff

Stocks of Coinbase have fallen as much as 9% after the outage

Coinbase outage reported amid crypto selloff

Cryptocurrency exchange Coinbase is experiencing an outage amid a gigantic sell-off Wednesday.

As per a status update on Coinbase's website, the platform said users are seeing delays in distributions of Ethereum and ERC-20 withdrawals because of network congestion.

"All funds remain safe and protected," Coinbase said. "Deposits are untouched."

Coinbase says that a repair has been implemented and that they are"tracking the outcomes."

Along with Coinbase, cryptocurrency investing platform Binance also reported that Ethereum and ERC-20 withdrawals are temporarily disabled on its own platform due to network congestion.

Based on prices tracked by Coindesk, the world's largest cryptocurrency, Bitcoin, is down about 18 percent in the previous 24 hours, trading near $35,000 per cent.

Meanwhile, Ethereum is down about 27% in the previous 24 hours, trading about $2,400 per coin and Dogecoin is down about 30%, trading at about 33 cents per cent. Other cryptocurrencies taking a significant hit include XRP, down 28 percent around 44 cents per coin, Stellar, down 35% at approximately 42 cents per cent, Bitcoin Cash, down about 37% at $676.76 percent, and Litecoindown about 34% at $194.14 per cent.

Stocks of Coinbase have dropped up to 9% during Wednesday's trading session.

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