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Highlights:
- On Monday, crypto users criticized Crypto.com, one of the biggest crypto exchanges worldwide.
- The Crypto.com application will momentarily be unable to process any transactions.
- The crypto market continues to experience high turbulence.
Crypto investors seem to have become more cautious since the market crashed and remain extremely volatile. After the Luna-Terra stablecoin incident, the cryptocurrency market has been in free fall. The worldwide market cap has declined massively below the US$ 1 trillion mark.
The significant sell-off occurs as some investors lose interest in the virtual currency market. Due to the present market situation, some exchanges even halted crypto transactions, making crypto enthusiasts more suspicious.
On Monday, crypto users criticized Crypto.com, one of the biggest crypto exchanges worldwide, as it halted transactions and tweeted out information that it has undergone maintenance.
The crypto exchange said that the system maintenance for the Crypto.com App, Exchange, NFT, and other verticals would begin on July 11, and it would take about five hours to complete. When writing, the official website mentioned that 1.5 hours were remaining before services resumed.
Is Crypto.com down?
As per the website, the crypto application will momentarily be unable to process any transactions. No one will be able to sign in. The Crypto.com Visa Card will continue to work, but rewards spending will be delayed while the system is being maintained.
Meanwhile, the exchange will be momentarily unavailable for all transactions. All fresh orders won't be taken. Before maintenance, all derivatives orders will be cancelled. Positions won't be closed, and requests to close positions won't be honoured.
Crypto.com's other services for decentralized finance (DeFi) wallet, NFT, and reward swap were also unavailable.
Due to the halt in services, users are criticizing the virtual currency exchange. A Twitter user named John Brown wrote, "How about telling people through a push notification or at least within the app? I had no clue, and honestly, it seems scammy that nothing was mentioned in app all day, and just as the market pulls back y'all go offline. Now that I know I guess I'll turn on notifications for Twitter."
Another user named J Gonzalez said, "When the market is down 3%? Very suspicious, you had no “system maintenance” all last year. I was gonna liquidate some cash to buy the dip smh disappointed."
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Bottom line
The crypto market continues to experience high turbulence, and the prices of almost all cryptocurrencies keep fluctuating daily. As 4 AM EST, the valuation of the virtual currency market had dipped to US$ 908.9 billion after decreasing by 3.6 per cent.
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