Gemini reports ‘degraded performance’ in key systems as ETH falls under $4,000

The crypto exchange added that “all customer accounts and funds remain completely secure.”

Major United States-based cryptocurrency exchange Gemini has experienced two service disruptions on Monday and is now reporting degraded performance in its mobile app, web interface and application programming interface.

According to an update on the Gemini status page, the crypto exchange began investigating reports of potential service disruptions at 13:24 EST on Monday. Though the exchange said it had restored all of its services only minutes later, Gemini reported another service disruption a few hours later, saying its systems were “experiencing degraded performance” due to an undetermined cause.

At the time of publication, deposits and withdrawals of all tokens supported on Gemini were unaffected by the service disruption. However, users of the firm’s mobile app, its interest-earning program Gemini Earn, wire transfers and others may be experiencing issues. As of 17:06 EST, Gemini reported it had implemented a fix and was monitoring the results. 

Disruptions and outages on crypto exchanges can sometimes be attributed to volatility from certain cryptocurrencies as traders attempt to buy tokens or sell their holdings. Gemini’s first service disruption occurred shortly after Ether (ETH) reached an all-time high price of more than $4,200 on Monday. 

However, major cryptocurrencies including Bitcoin (BTC), ETH, XRP and others experienced a similar price drop at approximately 4:00 pm EST, with ETH falling more than 14% to reach $3,650, BTC falling under $54,000 for the first time since May 4, and XRP going as low as $1.25. Though the price of Dogecoin (DOGE) — now the fourth-largest cryptocurrency by market capitalization — did fall at the same time, the token price had already been decreasing for the last 24 hours.

Publication date: 
05/11/2021 - 00:20

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