Coinbase crashes amid explosive growth in bitcoin



Coinbase crashes amid explosive growth in bitcoin

Coinbase crashes amid explosive growth in bitcoin

  • The collapse happened just against the background of a 15% growth in bitcoin.

  • Earlier, the exchange reported difficulties with document verification due to coronavirus.

  • This is the fifth exchange in a row to experience difficulties whenever the volatility of Bitcoin rises sharply..

International consortium of news organizations developing transparency standards.

Many Twitter users report that it is impossible to access the exchange not only through the web version of the site, but also through the mobile application..

Coinbase crashes amid explosive growth in bitcoin

The popular American cryptocurrency exchange Coinbase collapsed amid a sharp rise in bitcoin. Users began to report problems with access to the exchange on Twitter at 20:30 Moscow time.

 “@Coinbaseservice fell? Gives error 502, “wrote user Kevin Long.

Users also report problems accessing not only Coinbase itself, but also the standalone version of Coinbase Pro.

At 20:38 Moscow time, a message appeared on the official exchange status page about the identification of an unknown problem. Later on the tech. exchange support on Twitter reported the identification of periodic downtime on the site.

At 20:50 Moscow time, the exchange announced that it had solved the problem and started monitoring the state of the platform, but as of 22:00 the exchange is still experiencing difficulties..


Coinbase crashes amid explosive growth in bitcoin

Despite the fact that the exchange was able to quickly identify the problem, not everyone was satisfied with the fall of the trading floor at the wrong moment..

“Like clockwork, every time there is a sharp jump [in the price of bitcoin] and big profits, coinbase always has a problem that cannot make a profit. It happens every time and is always the same, I will soon start to follow other exchanges as well, “wrote a user with the nickname Crypto Wolf of Easy Street.

Perfect timing

The short-term collapse of the exchange occurs just against the background of a 15% increase in bitcoin, as a result of which the cryptocurrency was able to break through the resistance line at $ 8,500.

“If you can’t handle a 15% pump, then how can you handle Bitcoin at a price of $ 100,000?”, A user with the nickname MasterHigh voltage sign250k / 6.25k BTC / LTC commented on the collapse of the exchange 2021.

It is noteworthy that Coinbase also experienced outages before. On March 21, the exchange reported that due to the impact of the coronavirus infection COVID-19 pandemic, identity verification will take much longer than usual..

Replenishing the ranks

In March, when bitcoin experienced its largest one-day collapse of more than 30%, other exchanges also experienced technical difficulties. Crypto exchange Binance, for example, suspended the withdrawal of ether, and BitMEX was completely accused of the collapse itself.

Earlier, the editorial staff of BeInCrypto wrote that traders on BitMEX canceled long-term positions in Bitcoin for a total of more than $ 150 million.

Coinbase crashes amid explosive growth in bitcoin

At the time of this writing, Bitcoin is trading at $ 8686.

What do you think? Should exchanges be held liable for downtime amid rising cryptocurrency volatility? Share your thoughts with us in the comments.


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