Coinbase Experiences Partial Outage as Crypto Plunges
Summary
- Coinbase goes down for the second time amid high volatility
- Crypto markets plunge over 12% in minutes
US-based digital asset exchange Coinbase is experiencing a partial outage once again. Just one week ago, Coinbase, experienced an outage as Bitcoin skyrocketed over 12% in hours.
Coinbase is experiencing another outage, days before the anticipated Bitcoin halving confirmed by Twitter user, @RuleXRP. The outage comes as crypto markets crash over 12% in mere minutes. While Coinbase has stated it is “experiencing connectivity issues”, the outage is most likely the result of high volume due to high volatility.
At the time of press, Coinbase’s status website also confirms this by displaying many services experiencing a “Partial outage.” The app, as well as Bitcoin, is experiencing service disruptions preventing many users from making trades.
High Volatility
Crypto markets have seen immense volatility as the highly anticipated Bitcoin halving nears. Prior to the plunge, Bitcoin was up over 36% from just one month ago. However, within the last hour, Bitcoin fell 12% and is now trading at $8,600.
With over 30 million users, it is essential that Coinbase maintains up-time, especially during a time of high market volatility when traders may look to exit or enter the market quickly.
With interest in digital assets and blockchain technology rapidly increasing, many exchanges are implementing upgrades to cope with the higher volume. Binance, one of the largest cryptocurrency exchanges. has been consistently performing system upgrades due to surges in traffic amid high volatility.
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