February 24, 2021

Guildhall Curated News – Online trader eToro crashes as Bitcoin tumbles

Guildhall Curated News – Online trader eToro crashes as Bitcoin tumbles

Guildhall Curated News –

February 24, 2021

Online trading platform eToro is experiencing a global outage amid a sell-off of cryptocurrencies.

The Israel-based service, which gained popularity during the pandemic, has been inaccessible to users since Tuesday.

An update on Wednesday morning said the platform was still unavailable.

eToro apologised for the disruption and assured users the platform had not been compromised.

“We sincerely apologise for the service disruptions on our platform. We are working with senior teams at Microsoft to resolve this issue as quickly as we can,” the company said.

“Please note that you can use our Offline Trader Tool. This can be accessed when you try and log into the platform.

“We can assure our customers that our platform has not been compromised in any way.”

eToro, which allows users to trade shares with their mobile phones, grew its user base by about a third in 2020.

The crash comes as Bitcoin traders lead a sell-off in the cryptocurrencies market.

The market dropped 14 per cent in the past 24 hours, according to CoinMarketCap.com.

We are working towards having the platform back online very shortly. We have worked through the night to identify and resolve this issue and we will provide a further update as soon as we can.

— eToroService (@eToroService)
February 24, 2021

The slump was led by bitcoin, which accounts for 60 per cent of the cryptocurrency market by value.

The sell-off coincided with comments from US Treasury Secretary Janet Yellen, who said bitcoin was “extremely inefficient” as a means of payment and highly speculative.

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