24.10.2020

Coinbase Suffers Temporary Outage as Bitcoin Soars as High as $8,900

According to Coinbase’s status page, the exchange’s website, mobile app, and API website experienced major outages. Several Twitter users also noted the connectivity issues with screenshots of the Coinbase website and mobile app.

Coinbase experienced a brief outage Wednesday as the price of bitcoin rallied to just below $9,000.

Kraken reported some issues connecting with its API as well on Wednesday, though it said its platform had returned to normal operations by 18:56 UTC.

Coinbase has gone down during volatile trading days in the past. In June 2019, the exchange’s site and API went down during a nearly $2,000 fall over a 15-minute period, an issue that Coinbase Pro users appear to have experienced again in November 2019.

Before Wednesday, the site went down in March 2020 during the crypto market’s “Black Thursday” crash, when bitcoin shed more than 20% of its value in under 30 minutes.

Coinbase is the largest U.S.-based exchange by traded volume, according to data aggregator CoinGecko.

Still, Coinbase reported over $300 million in daily volume by Wednesday afternoon, which dwarfed its volume for the previous seven days, according to data from Skew.

Coinbase tweeted an announcement about its fix late Wednesday afternoon. The outage “only affected customers’ ability to access Coinbase and Coinbase Pro UIs, and did not impact trading via our APIs or the health of the underlying markets,” the company said.

Bitcoin’s price has been on a tear since it crashed to $4,800 in early March. It’s in the middle of its seventh straight weekly gain off of the March lows.

The cryptocurrency’s price jumped as high as 15% Wednesday, rising from $7,700 to over $8,900 in 17 hours.

Binance Trading Volume Reaches All-Time High Amid Bitcoin’s Price Surge

As the Bitcoin price skyrocketed close to $9000 on April 29, Changpeng Zhao, or CZ, announced that Binance, the world’s largest crypto exchange, has hit $11 billion in trading volume over the past 24 hours. This number is considered an all-time high for the exchange.

According to CZ’s post, the last time the exchange came near $11 billion was in early 2018.  Today they reached a new record in terms of trading volume.

Crypto community is bullish

Crypto traders responded positively about the exchange’s ATH volume. Some believe that the trading volume will increase even more in the days to come.

Other major exchanges were reportedly having issues handling the high trading volumes during the Bitcoim pump. Some members of the crypto community have praised Binance for operating without any such problems.

Bitcoin’s halving is happening in less than two weeks. As Cointelegraph reported earlier today, the media buzz around the halving event has grabbed people’s attention globally. All major trends surrounding Bitcoin’s price appear to be positive.

coindesk.com

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