The website and mobile app of U.S.-based cryptocurrency exchange Coinbase had apparently crashed as Bitcoin nears towards $17,000. The exchange was quick to update officially stating that the exchange is investigating the matter in a company update. The issue was however resolved at 22:27 UTC, according to the Coinbase status page.
Coinbase Goes Down as Bitcoin Skyrockets
Users of Coinbase when tried in accessing their portfolio was greeted with a message with a “temporarily unavailable” update.
The recent outage comes amid Bitcoin approaching its new highs, last seen since Jan 7, 2018. As of the publication time, Bitcoin is above the $16,500 mark, up by 6.27% over the last 24 hours. Bitcoin price is on a continuous rally, partly in response to PayPal announcing on adding features of buying and selling Bitcoin and other cryptocurrencies using their online wallets.
The exchange had suffered multiple outages especially during the busiest trading period of this year. The most noteworthy incident was when the exchange also suffered an outage in March when traders were preparing for the Bitcoin halving with trading coming at a halt.
Users of Coinbase were unfortunately locked out of their accounts during the outage incident. In March 2020, the price of Bitcoin wiped out more than 20% of the cryptocurrency’s value in less than an hour induced by the COVID-19 pandemic.
Coinbase Often Crashes During Peak Trading Hours
The exchange apparently had suffered multiple crashes over three times during the course of 2020 especially during the period of Bitcoin’s peak volatility. App crashing during the crucial points of price surging is important as traders want to buy and sell at that time the most. In such an instance, potential profits can completely disappear as traders won’t be able to do anything.
The similar outage of Bitcoin surging and Coinbase bears a resemblance during the bull market of 2017 when the cryptocurrency exchange had to crash during that time too as Bitcoin peaked nearly to $20,00.