- US-based cryptocurrency exchange Coinbase experienced an outage as Bitcoin quickly climbed past $10,000 last week.
- The exchange saw a 5x spike in traffic in just four minutes.
Early last week, Bitcoin made headlines as the cryptocurrency soared past the psychological $10,000 level in mere minutes, creating a period of high volatility. During the surge, one of the leading US-based cryptocurrency exchanges experienced an outage.
During the outage, many users were displayed an error message when trying to access the website and mobile applications. However, Coinbase has noted that trading via the API was unaffected throughout the outage.
In the report, Coinbase detailed the incident and the root of the outage. The cryptocurrency exchange saw a massive 5x surge in traffic in just four minutes, overloading the exchange.
To combat the traffic surge and repair affected services, the Coinbase team redeployed the API at 16:20 PST. Shortly following the redeployment, the exchange’s services came back online.
Coinbase has also listed improvements they are working on, including minimizing the impacts of sudden traffic-spikes, commonly associated with volatile price movements.
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