New Bitcoin spike causes Coinbase to go offline once more
- Coinbase, recently went offline once again, as BTC exceeded the $10k mark.
- The exchange did not explain the issue, just that it was found and fixed after an hour.
- This is only the latest in a series of sharp price movements that have caused the exchange to crash.
Coinbase crypto exchange caused a lot of commotion recently after Bitcoin price managed to break a $10k level only hours ago. The barrier is more psychological than a real resistance, although it certainly did keep the coin from crossing it for a long while.
However, after BTC managed to pull this move off, a surge of traders and investors who rushed to Coinbase was met with a notice that the exchange is experiencing technical issues. In fact, Coinbase remained offline for about an hour, yet again.
Bitcoin price finally breaks the $10k barrier
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As mentioned, Bitcoin made several attempts at breaching this resistance, and while all of them failed, the coin finally managed to accumulate enough strength to force its way up. The altcoin market did not stay calm, either, but instead, it followed with an increase that pushed the total crypto market cap up by 5%, causing it to go from $270 billion to $284 billion.
Once again during a time when the crypto space was seeing the most action, Coinbase was not available. The exchange went down, claiming that it is observing increased latency. It started investigating the issue, and regardless of what it may or may not have found, the company decided not to disclose the nature of the problem at this time.
It simply said that it identified the issue and fixed it within about an hour.
Additionally, the issue plaguing Coinbase must have been rather big, as the exchange did not just pause its services — it went down completely, not allowing users to log into their own accounts.
Coinbase keeps disappointing when it is needed the most
Considering that the crypto volatility is the main drive behind such a rich and successful crypto trading industry, people have come to expect to be able to rely on their exchanges at the time of great volatility.
If the exchanges disappoints — especially when it comes to a massive exchange with millions of users, and at the time of such high volatility — the traders can grow to be quite unhappy, to say the least. The fact that Coinbase has a history of ‘experiencing technical issues’ when sharp price movements start taking place did not help either.
Most recently, Coinbase once again went offline less than a month ago, right as Bitcoin shed over $2,000 off of its price in mere minutes. Coinbase once again disappointed its users, preventing them from reacting in time and making a profit, or at least securing their funds.