Cryptocurrency Market News: Binance and Coinbase experience outage issues, Bithumb seized for fraud

Here is what you need to know on Thursday 3, September

BTC/USD had a significant rejection from $12,000 after accusations against Bithumb on fraud and the seizure of its headquarters. At the same time, Binance and Coinbase both went down creating even more panic.

ETH/USD has slipped as well but remains far stronger and bulls have defended the daily 12-EMA. The digital asset is currently trading at $432.

XRP/USD is again one of the biggest losers with a 7% price fall towards $0.26 after failing to stay above $0.30.

Fantom is the biggest gainer today at +34% in the past 24 hours. It is followed closely by DIA, which had its sale a few days ago, and Kusama.  

Chart of the day: 12-hour chart

Market

Right when the cryptocurrency market was crashing, both Coinbase and Binance started to suffer some issues. It’s not unusual for Coinbase to encounter connection issues in times of high volatility, in fact, the exchange has gone down several times in the past. 

Binance also had some issues, the mobile app was slow or not responding but the service was still up. 

Additionally, reports from major news outlets have stated that Bithumb has been raided by the Korean police and the CEO accused of fraud. It seems that the raid was due to its initial pre-sale of BXA tokens back in 2018. 

Industry

Akon City, which has already received enough funds to start, is happening for real. According to new reports, the city will have seven districts like a health and safety district, education, technology, etc. The location of the city is in the heart of Cadastral de Mbodiene park and will use the Akoin cryptocurrency to function.

Quote of the day

Incorporating cryptocurrency in the traditional centralized financial system not only speeds up transactions exponentially, but also it makes the system more user-friendly, whereas in a decentralized system cryptocurrency will only breed insecurity and chaos, due to the utter absence of liability.”
― Abhijit Naskar, The Gospel of Technology