Crypto Market Crashes, So Does WazirX

There are two ways of looking at the situation at hand. When you look at the crypto-currency trading market, you’ll see losses of $500 billion and more since their highs just a few weeks back. It’s time for investors to be panicking and many of them are worried, with people playing with life savings in this crypto game.

The other way however to look at it is that’s these new lows present new entry points and chances for new investors to enter the market. We know there’s nowhere to go but up from a low and this counter opinion will see many new investors entering the market today. However, in India, it’s going to be tough as the WazirX platform has gone down too!

In India, users don’t have many platforms for cryptocurrency trading as is the case with other regulated markets in other countries. Thus, quite a few investors are reliant on WazirX for daily crypto trading. For those who believe in HODL (hold on for dear life), there won’t be mass selling and in fact, there will be purchases at new lows.

However, that hasn’t been possible over the last couple of hours as WazirX has been down and we’re not sure why. For some, it’s been completely blank while for others, there have been reports of a delay in the cryptocurrency trading app as well as website. They even tweeted and acknowledged the issue:

📢 Reports of delays in app
We’ve received reports that you’re facing delays in trading, viewing order book and trade history on WazirX app and website.
We’re investigating the issue and working on a fix. We’ll update you as soon as it’s done.
Thank you for your support! 🙏
— WazirX: Bitcoin & Cryptocurrency Exchange in India (@WazirXIndia) May 19, 2021