Cryptocurrency prices fall and trade falters as problems arise

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A representation of the Bitcoin cryptocurrency can be seen in this illustration taken on August 6, 2021. REUTERS / Dado Ruvic / Illustration / File Photo / File Photo / File Photo / File Photo

NEW YORK, Sept. 7 (Reuters) – The price of cryptocurrencies plunged and crypto trading was delayed on Tuesday, a day when El Salvador ran into problems as the first country to adopt bitcoin as legal tender.

Shares of blockchain-related companies also fell, as crypto stocks were hit by trading platform outages. But the focus was on El Salvador, where the government had to temporarily unplug a digital wallet to keep up with demand. Read more

Bitcoin, the world’s largest and best-known cryptocurrency, fell more than 17% to $ 43,000 before cutting some losses to trade down 9.20% to $ 47,140.27. Previously, bitcoin hit a session high of $ 52,948.00.

The smaller rival Ether, the coin linked to the ethereum blockchain network, fell 11.99%.

Major cryptocurrency exchanges Coinbase Global Inc (COIN.O) and Kraken have said they face delays in some transactions on their platforms.

Coinbase said some transactions were delayed or canceled at “high rates” and “our apps may experience errors.” The exchange later said the issues with Coinbase card scans were resolved and transactions were proceeding normally.

The Gemini exchange said it has temporarily entered a full maintenance window to resolve an issue with the exchange that was causing performance issues.

Shares of Coinbase (COIN.O) slipped 4.02%.

Everything related to cryptocurrencies seems to be suffering. Riot Blockchain cryptocurrency miners (RIOT.O) fell 7.38% and Marathon Digital Holdings (MARA.O) fell 7.76%.

Shares of MicroStrategy Inc (MSTR.O), a BTC buyer and business intelligence software company, fell 7.64%.

Reporting by Herbert Lash in New York, additional reporting by Saikat Chatterjee in London and Aaron Saldanha in Bengaluru; edited by Sujata Rao and Rosalba O’Brien

Our Standards: Thomson Reuters Trust Principles.

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