Sunday, February 5, 2023

WazirX Services Collapses After Market Meltdown

The services of the leading cryptocurrency exchange of India, WazirX, again collapsed on May 19, this time it happened due to a market meltdown and upset millions of users.

The Indian users raised the issue on the social media platform Twitter while tagging WazirX and its founder Nischal Shetty. 

One of the users has told that the application allowed the buying and selling of cryptocurrency on the platform, but it did not display the chart. 

When WazirX was questioned regarding the issue, it said, “The heavy price dip in the market has encouraged more people to buy into the dip thereby causing a tremendous surge in our traffic. We’re seeing approximately 400% more traffic than what we witnessed in the previous month.”

WazirX has claimed that currently, its team trying to recover the backup. Also, they have been working on an upgrade project for the WazirX trading engine called Project Raftaar.

Yesterday, as the market slumps down many of the investors try to make an exit from their position and others try to use this opportunity to invest more funds on the platform. 

It is to be noted that only Indian investors did not face this issue, the global investors had the same experience with the exchanges. As per the reports, the investors on Binance and Coinbase exchange were facing a problem in withdrawing their funds from the platform. 

Soon after China announced to ban financial and payment institutions in the country from offering crypto-related services, the market started coming down.  

For the past few weeks, cryptocurrencies have been under severe selling pressure. It all started with Tesla Founder Elon Musk’s tweet, in which he stated that his company would no longer be accepting the Bitcoin payment for the electric car.  

Musk further highlighted that he and his company took this decision because of environmental reasons. He mentioned that bitcoin mining uses a lot of energy which could spoil the environment. 

Compared to a system used by countries, the Bitcoin structure alone consumes more power.

Ever since Tesla’s shocking revelation, the market value of cryptocurrency, which was over $2 trillion last month, reached below $1 trillion.

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