OPEN APP
Home / Markets / Cryptocurrency /  CoinSwitch Kuber app suffers outage, users flood Twitter with complaints
Listen to this article

Cryptocurrency trading platform CoinSwitch Kuber on Wednesday suffered a brief outage with many users complaining about the snag on Twitter. However, the glitch has been fixed, the customer support confirmed.

Users of CoinSwitch Kuber flooded Twitter with complaints and screenshots within minutes of the outage.

 

Take a look:

CoinSwitch Kuber Support responds to a customer complaint.
View Full Image
CoinSwitch Kuber Support responds to a customer complaint.
Customer support of the app, meanwhile, responded to complaints.
View Full Image
Customer support of the app, meanwhile, responded to complaints.

Cryptocurrencies and other riskier assets have been under pressure all year. The Federal Reserve and other central banks are raising interest rates to fight red-hot inflation, creating an unfavorable environment for risk assets.

On Tuesday, bitcoin fell briefly below $30,000 for the first time in 10 months, while cryptocurrencies overall have lost nearly $800 billion in market value in the past month, according to data site CoinMarketCap, as investors fret about tightening monetary policy. 

Compared with the Fed's last tightening cycle which began in 2016 crypto is a much bigger market, raising concerns about its interconnectivity with the rest of the financial system.

Subscribe to Mint Newsletters
* Enter a valid email
* Thank you for subscribing to our newsletter.
Close
Recommended For You
×
Edit Profile
Get alerts on WhatsApp
Set Preferences My ReadsFeedbackRedeem a Gift CardLogout