Wells Fargo banking services shut down, crypto market surges

09 Feb, 2019 | Updated: 09 Feb, 2019
by Fifi Arisandi
News
Wells Fargo banking services shut down, crypto market surges

The 6th largest bank in the US, Wells Fargo has been reported to experience a major outage to almost all their banking services in the past couple of days.

According to the bank’s official announcement, the down is caused by “a power shutdown” at one of their facilities, where smoke was detected following a routine maintenance.

Days after the first announcement was posted, lots of people, supposedly the customers of the troublesome bank are still experiencing difficulties in using the bank’s services. Some of them, who happen to use Twitter confide their problems through their accounts.

The bank’s update that convinced their customers that the down doesn’t involve system compromise doesn’t seem to calm them down.

Read more: Bitcoin is too risky for the customers of 'corrupt' Wells Fargo bank? Really?

Major crypto proponent, Anthony Pompliano expressed his opinion on the incident and compared it with Bitcoin.

The Morgan Creek Digital founder sees the problems from a centralization and decentralization perspective.

“This is what we see from centralized organizations. Wells Fargo is down today for multiple hours because of a server issue, a centralized server issue. Bitcoin’s uptime is about 99.98% since January 3rd, 2009. So, for over a decade 99.98% of the time Bitcoin was up,” he said on his Off The Chain podcast.

Pompliano, who’s more familiar as Pomp continued by saying, “There’s plenty of potential issues Bitcoin has challenges facing it, but the decentralized nature prevents it for being vulnerable to the single server failures.”

“So, today, although it wasn’t the entire day, it wasn’t the entire year, people who had their wealth stored on Bitcoin were able to access it and to transact in a way that people who had money at Wells Fargo could not,” he added.

He believes that such incident will continue to happen in the centralized world, which in turn, it will show the value of the decentralized world.

Pomp went on further by expressing his conviction that the time will come when customers demand the service they use in the future.

“There’s too much risk, whether it’s performance and up time, security etc, that people are going to start saying I want to use a service that’s decentralized, they wont use it simply because it’s decentralized, but it will become the standard,” he closed his statement.

Meanwhile, the overall crypto market shows a positive move, with almost all coins in the top 100 are in green, except Dai (DAI) and Aurora (AOA).

Bitcoin (BTC) is valued at $3,655, XRP is $0.30 and Ethereum (ETH) is $118.63, each is up by 7.45%, 6.27% and 13.17% respectively at $3,655.

The biggest gainer on the top 10 is Litecoin that surges 30.82% at $43.57, whereas on the top 100, Bitcoiin (B2G) surges by 57.53% at $0.88, followed by Quant (QNT) that’s up by 55.92% at $4.65 price point.

Does it have anything to do with the Wells Fargo fiasco? Maybe yes, maybe not. Nonetheless, many expect to see if it leads to further surge of Bitcoin, hopefully all the way to $4,000.

Read more: Will we see Bitcoin surge up to $4,000 this weekend?

WATCH: Bitcoin Q1 Price Action reveals a pattern! Subscribe to the Chepicap YouTube Channel for more videos.

Follow Chepicap now on Twitter, YouTubeTelegram and Facebook!

Poll

Do you think the Wells Fargo fiasco has any correlations with the crypto market's surge?

(11 votes)

Add a comment

Check out the latest news

You will be logged out and redirected to the homepage