Major US-based crypto exchange Coinbase faced a brief outage on Wednesday for both its website and API.
After getting reports of inaccessibility, the crypto exchange posted an “investigating” message on its status page at 1:47 pm (PDT) stating: “We are currently investigating this issue.”
Coinbase is down. Bitcoin never goes down. pic.twitter.com/ZnxHidOig3
— Peter McCormack (@PeterMcCormack) June 26, 2019
The team was quick enough to identify and resolve the issue as within an hour the incident was updated as “resolved” with the message: “This incident has been resolved.”
Instant market feedback
However, the short outage of the United States’ largest exchange made a dent on the volatile prices of Bitcoin as the coin shed around $1,400 from its value in merely 15 minutes to trade around $12,300. Though the market demand is again pushing the price towards the peak, the coin has not achieved the 13-month high of nearly $13,800 yet which it touched before the outage.
Did COVID-19 Save the Forex Industry?Go to article >>
— TIME IS THE ONLY LUXURY (@camerongrey) June 26, 2019
Another popular US-based crypto exchange, Robinhood, also faced similar issues as it posted on its status page: “Robinhood Crypto is currently experiencing degraded performance. Our team is working to investigate and resolve this.”
Crypto enthusiasts and investors are pointing out that the outages are the results of the massive demand for cryptocurrencies, and the exchanges could not handle such a sudden aggressive rush.
You know it’s a bull season when coinbase (literally) breaks.. #BitcoinIsBack
— mike (@mike80202536) June 26, 2019
Though the value of Bitcoin fell drastically since early 2018 to trade below $3,400 in last December, its price bounced back in the recent months. The bullish rally started in April, and since then Bitcoin’s value went up more than 209 percent, according to CoinMarketCap.com’s data.
Other altcoins are also riding on this Bitcoin rally as Ethereum gained more than 22 percent last week, while Bitcoin Cash added around 15 percent.