Bitcoin plunged 20%, cryptocurrency exchanges faced outages amid flash crash

After weeks of recovery from the May 19 crash, Bitcoin price fell from $52,900 to a low of under $43,000 on September 7 as many investors were wiped out from their positions. This single event witnessed BTC plunge 20%. Although market corrections are common, price crashes could mean a large sum of money lost in a trade in just a matter of minutes.

CoinPanel update:

On September 7, multiple centralized cryptocurrency exchanges also experienced connectivity issues in light of the day’s trading volatility. Users globally were affected, unable to access their exchange platforms, manage their working orders or reconcile executed trades.

CoinPanel, an API execution service encountered zero downtime over this period allowing users to successfully manage their positions in volatile market periods on the affected exchanges. Unlike other service providers, CoinPanel has implemented robust backup utilities to mitigate these exchange-derived connectivity issues.

Top headlines in the crypto market this week:

• El Salvador officially witnessed Bitcoin becoming legal tender in the country, as citizens received their first $30 in Bitcoin through their Chivo Wallets.
• Ukraine, one of the countries with the highest adoption rate of digital assets, has become the latest country to pass a bill that would legalize and regulate cryptocurrencies.
• While Bitcoin price crashed and altcoins fell in tandem, Solana (SOL) and Algorand (ALGO) climbed, breaking the correlation with the world’s largest cryptocurrency by market capitalization.
• Cardano (ADA) is anticipating the launch of smart contracts on its blockchain this weekend.

Set your Full Trades on CoinPanel now so you can relax and enjoy the rest of your weekend!