As Bitcoin neared the $17k figure on Monday 16 November, Coinbase, the US-based cryptocurrency exchange had suffered a temporary setback with an outage.
Both the website as well as the mobile app of Coinbase were down as a result.
Active trading and exchange outages
We have seen that when the trading day gets busier and busier and bustles with activity, exchanges might suffer outages that could temporarily stop the systems. Several exchanges including Binance have suffered this and this time it is Coinbase that has taken the brunt of active trading.
Coinbase, the noted cryptocurrency exchange with a number of firsts to its credit updated on its website that the exchange has suffered an outage. After reporting the matter to its traders and investors alike, it also mentioned that the team has been actively seeking to investigate the matter. As per its status update, which has been updating every single hour, the matter stands resolved as per the last status update almost 2 hours ago.
Temporary outages
It is not new for exchanges to suffer from a situation like that but they are usually accompanied by quick fixes depending on the intensity of it all. Coinbase for that matter has suffered from several outages especially during extremely busy trading periods which also includes the most recent one on October 27th. It is important to understand why such outages occur and considering trading on a busy day seems to be a reasonable explanation, it also points out to the lack of capacity to take heavy trades. The failures of the systems could be a downer for investors as they might get taken down from a profitable position which might not exist once the system resumes back to the normalcy of heavy trade.
Outage coincides with Bitcoin inching 17k figure
Interestingly, this time the outage also coincides with Bitcoin performance which is all set to reach an all-time high ever since it has experienced since Jan 7, 2018. Bitcoin is fast progressing and inching towards the previous magical mark. In the last 24 hours, Bitcoin had increased by 6.27% and was currently set at $16,834. Bitcoin has indeed proved its detractors wrong and has gradually captured everyone’s attention by becoming the reliable digital asset anyone can look up to.
At the time of writing, BTC has flown past $17,500 and is in the levels of $17,700!
Disclaimer
The information discussed by The Coin Magazine is not financial advice. This is for educational and informational purposes only. Any information or strategies are thoughts and opinions relevant to accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Do your due diligence and rating before making any investments and consult your financial advisor. The researched information presented we believe to be correct and accurate however there is no guarantee or warranty as to the accuracy, timeliness, completeness. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright The Coin Magazine All rights reserved.
