Relentless Far East Buying Recovers Bitcoin above $10,800, Coinbase is Back

After a brief dip to probe as low as $8,500 on some trading venues, prices are 20% higher again.

Buying from Southeast Asia has continued to prop up Bitcoin prices seemingly every other day over the past couple of weeks. Yesterday the market for the most popular cryptocurrency showed traders what a rollercoaster ride looks like. Prices probed above $11,500 only to drop about $3,000 to as low as $8,500.

Volatility was attributed to an outage on the most popular exchange in the US, Coinbase. Starting from 06:31 PST, the company began experiencing ‘performance issues’ due to the humongous traffic that the vaulting of $10,000 generated.

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The exchange identified the problem around 07:08 PST and continued working on a fix until about 16:06 PST when it stated that the website was stable. Some users have been experiencing difficulties with accessing their accounts throughout the day.

At around 16:45 PST the exchange’s email system started sending erroneous messages to customers, but the issue was quickly resolved after about an hour and a half.

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Buy and Sell Orders Delayed but Promptly Executed

Currently, some buy and sell orders that clients are sending to the matching engine are being delayed. The issue first appeared at around 18:11 PST and the company is still working on it.

In its last message on its status board, Coinbase explained: “Some buys and sells are still delayed in showing up in customer dashboard. We’re continuing to work to accelerate this process. All purchases will go through at their purchase price.”

In what has been a news-driven market, Bitcoin and Dash managed to outperform the rest of their peers in the top 10 space:

coinmarketcap
Bitcoin and Dash are the only ones trading in the green after price action in the past 24 hours. Source: Coinmarketcap

Only Bitcoin and Dash have traded higher during the past 24 hours after the mad rollercoaster ride. The wide price fluctuations prompted some CFDs brokers to respond with additional risk management measures.

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