A major US cryptocurrency trading platform experienced two outages on Monday and is now reporting degradation in mobile app, web and API performance.
According to an update on the Gemini status page, the cryptocurrency exchange began investigating reports of potential service disruptions at 1:24 pm on Monday. Although the exchange said it restored all services after a few minutes, Gemini reported a new outage a few hours later, saying their systems were “suffering from degradation” for an unknown reason.
At the time of publication, the input and output of all tokens supported by Gemini were not affected by the power outages. However, users of the company’s mobile app, helpful Gemini Earn software, bank transfer and more may run into problems. As of 5:06 PM EST, Gemini said they have implemented the solution and are monitoring the results.
Cryptocurrency exchange glitches and disruptions can sometimes be attributed to fluctuations in certain cryptocurrencies when traders try to buy tokens or sell their assets. Gemini’s first outage came shortly after Ether (ETH) hit a permanent high of over $ 4,200 on Monday.
However, prices of the largest cryptocurrencies, including Bitcoin (BTC), ETH, XRP and others, declined in about the same at about 1:00 pm. 4:00 p.m. EST, with ETH dropping more than 14% to $ 3,650, BTC dropping to less than $ 54,000 for the first time since May 4, and XRP falling to $ 1.25. Although the price of Dogecoin (DOGE) – the fourth largest cryptocurrency by market value – fell at the same time, the price of the token has actually dropped in the last 24 hours.