Two of the major crypto exchanges, Kraken and Coinbase, suffered partial service outages on Wednesday, during Bitcoin price surge. Traders were unable to make transactions after its server went down.
30 April, 2020 | AtoZ Markets – The price of Bitcoin rose 8% due to the upcoming halving in May. For the first time in two months, it was able to cross the $ 8,000 mark. During this period, Bitcoin gained more than $ 1,000 in value. The coin was at these levels before the coronavirus pandemic began wreaking havoc on global markets.
Major Crypto Exchanges Suffer Outage
Bitcoin price surge on Wednesday resulted in partial outages on major crypto exchanges like Kraken and Coinbase. These outages caused turbulence in the market, which was already faced with significant price fluctuations. The servers did not expect the volumes to increase, so suddenly, which resulted in outages.
The two most popular crypto exchanges in the US are getting heat from customers. Traders were unable to trade after both exchanges server was down for about 45 minutes. But both exchanges finally managed to resume their normal activities around 3:20 PM PDT.
Coinbase announces that its website was experiencing slower than usual response times and that its application programming interface was down. There were connectivity issues on the site and the retail mobile app. Apologizing to disgruntled customers, Coinbase also said, it suffered an outage due to a sudden increase in usage as the cause of a server connection failure.
The San Francisco-based platform recently introduced currency trading to its customers with the launch of nine new currency pairs. This initiative allowed traders to broaden their horizons and start trading in the $ 6 trillion markets, further diversifying their portfolios and trading options.
Kraken, another major crypto exchange, said it was experiencing a “partial system failure”. Its customers had problems logging in to the site as well as to the API. The exchange said it was due to heavy traffic to its website. It also pointed out that the user volumes and transaction volumes experienced an unexpected increase which caused problems with the server.
“All affected components return to a fully operational state. The engineering team will continue to monitor site performance. We will continue to provide updates if necessary,” said Kraken.
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