Coinbase has more than 11 million active users, with the exchange adding more than 100,000 accounts during Thanksgiving weekend.
Thursday, Dec. 7 will go down spil a notable day te the world of cryptocurrency after bitcoin added more than $Five,000 ter the span of 12 hours. The unprecedented traffic caused Coinbase’s GDAX exchange to crash spil the spread on BTC/USD widened the most te latest memory.
GDAX Goes Down
Coinbase confirmed via tweet on Thursday that its services were down for some clients due to record-high traffic.
“We are presently experiencing record high traffic. This is resulting te some customers having slow voorstelling or issues logging into their Coinbase.com accounts. Wij are actively working to resolve this spil quickly spil possible,” the company tweeted.
The value of bitcoin surged from $16,000 to a record $Nineteen,500 on GDAX ter less than three hours. It wasgoed around this time that clients had troubles accessing their accounts. According to CCN, the cryptocurrency plunged instantly after crossing $Nineteen,000. The exchange went down at around 11:58.
Thursday wasn’t the very first time Coinbase went down. The exchange wasgoed non-operational for about an hour last Friday, just two days after a major outage.
Coinbase has more than 11 million active users, with the exchange adding more than 100,000 accounts during Thanksgiving weekend. However, the podium has drawn the ire of some investors due to its unresponsive customer service department. Albeit Coinbase has attempted to automate much of its customer service, support staff proceed to field questions from investors experiencing technical difficulty or wishing to increase their account.
Bitcoin Trade Volumes
Daily turnover ter bitcoin has reached unprecedented levels amid the latest record-breaking rally. On Thursday, more than $17.Three billion worth of bitcoin wasgoed transacted globally, according to CoinMarketCap. The 24-hour turnover wasgoed spil high spil $28 billion earlier. Taiwan’s Bitfinex and South Korea’s Bithumb were responsible for harshly a quarter of total transactions combined. GDAX came te third at toughly 8% of daily transactions.
Bitcoin wasgoed last seen trading at $16,822 for a build up of 2%. The cryptocurrency has added more than 60% ter the last five days, bringing its total market cap to almost $272 billion.
Th latest buying madness comes days before CBOE is programma to launch the very first bitcoin futures contract. The contract will be listed under the ticker symbol “XBT,” and will be free through December. CME Group will launch its own bitcoin futures product straks this month.
Disclaimer: The author possesses bitcoin, Ethereum and other cryptocurrencies. He holds investment positions ter the coins, but does not engage ter short-term or day-trading.
Featured pic courtesy of Shutterstock.
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