Coinbase Knocked Out by Heavy Trading

Blockchain, FinTech, Investing, News, Regulation | May 25, 2017 By:

Heavy traffic and trading has overwhelmed Coinbase, the world’s largest bitcoin exchange. The result was a service interruption on Thursday after sporadic degraded performance of the site earlier in the week.

The San Francisco-based digital asset exchange went off-line at mid-day, displaying a “Service Unavailable” message. Users were informed the site was down for maintenance.

Bitcoin hit at all-time high this morning of $2,747, a $300 bump from Wednesday’s prices. The volatile market then dipped $300 to the $2,450 range, elevating slightly to $2,489 in the early afternoon.

Coinbase blamed “unprecedented traffic and trading volume this week” for its issues in a Tweet. “As a result, has suffered a few outages and downgraded performance for some users this week. Our engineering and support teams are working around the clock to restore our site to normal performance.”

Earlier this week, the platform had issues with card verification and slow loading times. The company operates in 32 countries.