The web site of cryptocurrency exchange Coinbase apparently crashed simply as bitcoin price continues to march larger in direction of three-year highs close to $17,000 per coin. Coinbase customers attempting to entry their portfolio had been met with a message that the positioning is “temporarily unavailable.”
In keeping with an organization replace on Monday, Coinbase stated the web site and cellular apps aren’t loading, including that it’s “currently investigating the issue,” however no additional remark was offered.
Coinbase acknowledged brief outages all through the day earlier than declaring the incident was resolved and as of writing was monitoring the outcomes.
Bitcoin price has been steadily climbing this month, partly in response to PayPal saying it lastly began permitting prospects to purchase and promote Bitcoin and different cryptocurrencies utilizing their on-line wallets.
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San Francisco-based crypto exchange has suffered a variety of outages throughout busy buying and selling intervals this 12 months, probably due to an enormous selloff by whales and different buyers. Essentially the most notable incident got here in March when crypto group was gearing up for the bitcoin provide squeeze, often known as a halving, which additionally induced buying and selling to halt.
Coinbase customers had been additionally locked out of their accounts throughout the outage triggered by the coronavirus crash that wiped greater than 20% from bitcoin’s value in lower than an hour.
Coinbase customers reported being unable to commerce throughout these occasions of peak Bitcoin volatility at the least 3 times over the course of 2020.
Sadly, price surges are sometimes when merchants wish to purchase and promote probably the most. In such instances, potential income can merely disappear after they can’t do something.
The timing of bitcoin surging and Coinbase happening reminded the group of the 2017 bull market when the crypto exchange couldn’t deal with the heightened exercise simply as bitcoin price hit a peak of practically $20,000.