Coinbase Temporary Suspends Trading Due To Increased Traffic
The past few months have been a wild ride for Bitcoin. The cryptocurrency recently rose in value to almost 20,000, but, as is always the case, what goes up, must come down and the same is true of Bitcoin. According to Coindesk, Bitcoin is currently valued at $14,413. In addition to this decline in value, Coinbase temporarily suspended operations due to high traffic.
“Due to today’s high traffic, buys and sells may be temporarily offline. We’re working on restoring full availability as soon as possible,” a statement on the company’s website read.
Currently, Coinbase’s status website states that ” Buys and sells were temporarily unavailable earlier today due to site stability. High volume caused slow performance in one of our databases, and GDAX temporarily entered post-only mode due to availability issues…”
However, it appears that the site has managed to get things under control for now as buying and selling seem to be available.
This is not the first time that Coinbase has been forced offline due to a spike in traffic. Previous surges in Bitcoin’s value have seen the site struggle to handle the influx of new users.
In terms of the wider cryptocurrency market, the past month has been particularly interesting. We’ve seen the value of Bitcoin rise to nearly 20,000 only to fall back down to about 14,000 in recent days. However, it isn’t just Bitcoin that’s taken a hit. Many of the most valuable cryptocurrencies have seen their values fall in recent days.
— Jon Russell (@jonrussell) December 22, 2017
The reasons behind Bitcoin’s decrease in value are varied, but it is likely a mix of renewed government interest in the coin, competition from other currencies and possibly the fears that the coin was going to crash at some point which led investors to sell thus downgrading the coin’s value.
Eric is an avid tech junkie, gamer, and comic fan. When he's not working on his PC, you'll find him at your local comic book shop.