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Coinbase Site Down: Trading Platform Experiences Outages As Bitcoin Price Skyrockets
10 December 2017, 04:49 | Gordon Grant
Illustration by Alex Castro The Verge
Bitcoin may be digital currency, but why would anyone spend it? Coinbase said users had trouble logging in because of record-high traffic.
As the Bitcoin's value keeps on surging exchanging near $15,000, Coinbase has effectively secured the best position in Apple's application store in the USA, as its most downloaded one in the region.
After all, bitcoin's rapidly spiking price is causing a bit of a mania, with lots of first-time investors seeing the large price swings and seeing a chance to play the cryptocurrency market.
Additionally, Coinbase reported experiencing issues with its identification verification system-a tool that is used to authenticate new users, who are required to show a form of identification when setting up an account.
Coinbase, the largest platform for buying and selling cryptocurrencies in the United States, has experienced several outages as the price of bitcoin has skyrocketed to new highs. Coindesk's bitcoin price index now has the cryptocurrency trading around $16,000.
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The site on the web was in an offline mode and out of order, according to TechCrunch.
Coinbase, the popular wallet app that facilities the usage of cryptocurrencies like Bitcoin, Litecoin and Ethereum, has skyrocketed up the iOS app charts this week. "We're glad to have expanded to the U.S. at this time with so much interest due to the impending Bitcoin futures launches", bitFlyer COO Bartek Ringwelski, said in an email.
Coinbase isn't the only cryptocurrency to have collapsed under pressure at the last minute.
International Business Times reached out to Coinbase regarding the price difference but did not receive a response at the time of publication.
Coinbase is definitely benefiting from the infatuation with bitcoin. What that meant was that the rate got magnified by over 20% in the course of a single day. Bitcoin has risen more than 2,100 percent since then.
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