Massive trading platforms are now reportedly facing outages as Wall Street and the crypto market experience a meltdown.
Several major online trading platforms were down Monday as Wall Street suffered a massive meltdown, according to outage tracking website Downdetector.com.
Charles Schwab, Fidelity, Vanguard and TD Ameritrade were among those heavily impacted, the site showed.
Tens of thousands of people reported an outage from Charles Schwab throughout most of the trading day on Monday.
Reuters reports that Charles Schwab and Fidelity Investments have now resolved their technical issues with their apps, on a day users rushed to trade as markets slumped on rising fears of a U.S. recession.
Many customers across several of these trading platforms struggled to log in to their accounts.
Wall Street’s main indexes as well as the crypto market have plunged as weak economic data, lower than expected quarterly earnings from tech giants and geopolitical tensions dampened hopes of a soft landing.
Goldman Sachs has viewed the markets volatility as a healthy correction rather than a crash.
Bitcoin price fell below $50K on Monday for a moment, scaling back more than 16% from its price of $65K in the past week.
The broad markets, including the S&P 500 and Nasdaq have also experience 5%-6% dips.
Goldman Sachs has issued a reassuring statement regarding the recent market volatility, emphasizing that the present dip is a healthy correction rather than a crash.
The cryptocurrency market has been volatile recently, with Bitcoin and other major cryptocurrencies experiencing high fluctuations.
“Several factors have contributed to the volatility, but these factors also provide opportunities for smart traders.
For instance, although the geopolitical unrest has had an impact on the price of Bitcoin, this volatility can be exploited for short-term gains through swing trading,” reports Cryptonews.net.
The markets seem to be in a state of chaos at the moment.
How long traders remain in this shroud of uncertainty is something only time will tell.
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Also Read: Here Are What Experts Are Now Saying About Bitcoin’s Plunge
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