Bitcoin managed to break the psychological barrier of $10,000 hours ago. During the price surge, however, the leading US-based cryptocurrency exchange, Coinbase, experienced technical issues and was not functioning for about an hour, again.
Bitcoin Up, Coinbase Down
As CryptoPotato reported earlier today, the primary cryptocurrency finally broke the $10,000 resistance level after several consecutive failed attempts. Most altcoins followed the move upwards as the total market cap increased by over 5% from $270B to $284B.
During this notable price pump, however, the leading US-based cryptocurrency exchange went down. According to the status update provided by Coinbase, the platform was “observing increased latency” and started investigating the issue at 16:14 PDT.
While the company hasn’t disclosed the precise nature of the problem behind the outage, it claimed that it was identified and fixed in less than an hour.
Data provided by a monitoring resource detecting similar technical issues confirms the approximate timeframe as most of the reports and complaints against Coinbase came at about 2:02 AM EEST (16:02 PDT).
Additionally, the majority of laments addressed general website issues, but a large number of users noted that they couldn’t even log in to their accounts.
Not The First (Or Second) Time
In times of volatility, cryptocurrency investors and traders expect to have full access to their accounts to act accordingly to the price developments. When a digital asset exchange goes down, especially one with millions of registered users, it makes it particularly uncomfortable for them, to say the least.
Unfortunately for Coinbase, the platform has experienced technical issues numerous times before during significant price movements.
Less than a month ago, when Bitcoin tanked in a few minutes from nearly $10,000 to below $8,000, the US exchange went offline again. The company later explained that it had experienced connectivity issues at that time and delayed sends for ETH and ERC-20 tokens because of network congestion. However, many users reported that the website was inaccessible.
Another example came a year ago during a similar Bitcoin price plunge of about 15% in 15 minutes. Traders were unable to access their accounts and funds again, as Coinbase was going through more technical issues.