As crypto traders ask why bitcoin prices shot downward, the power and influence of exchanges are at the center of the conversation.

After settling in at the $10,000 price level, bitcoin (BTC) suddenly and rapidly fell more than 5 percent in an hour on Wednesday. As the market discusses possible explanations, some floated the unexpected simultaneous downtime of Binance and Coinbase as a causal factor.

In this episode of The Breakdown, we discuss the power exchanges wield – both in terms of market liquidity as well as the ability to shape news cycles. The good news is new funding for insurgent exchanges suggest that power is not inevitable.