Today the US Federal Reserve reported that their internal services had been shut down abruptly, inviting crypto supporters especially Bitcoin (BTC) to cheer on social media, saying they had never faced a recurring situation like the Fed.
In an announcement posted on The Federal Reserve's website, several central bank services have been down including Fedwire and FedACH (Automated Clearing House), which allow funds to move between banks and customers.
This disruption means that banks in the US are unable to send and receive transactions with estimates of around billions of dollars delayed.
It is at this time that the Bitcoin, Ethereum, Bitcoin Cash and other blockchain communities are praising the technological capabilities of the crypto sector. They also claim the Bitcoin network is much safer than the Fed.
One of the tweets from Castle Island Venture founder Nic Carter stole the show when he quoted the name of treasury secretary Janet Yellen and linked it to the individual's allegations about Bitcoin which were not guaranteed recently:
Janet this seems inefficient .. thoughts? https://t.co/0jGtkLBF9a
- nic carter (@nic__carter) February 24, 2021
At the same time, the crypto sector struggled a bit when exchanges like Binance also experienced problems where fiat transactions from exchanges to bank accounts failed, as reported by Binance US via Twitter.
Fortunately in favor of centralized exchanges (DEX) such as Uniswap as it does not experience any interruptions as reported as it does not involve fiat transactions, only token swaps operating on Ethereum.
At the time of writing, the interrupted service is back to normal.
