The US cryptocurrency exchange Coinbase’s website and mobile app went down as bitcoin closes near $17,000.
Coinbase App Goes Down as BTC Nears $17K
Coinbase is one of the biggest cryptocurrency exchanges which is subject to US regulations. However, as the cryptocurrency king Bitcoin reaches near $17,000 there is an issue in the Coinbase app.
The chart below shows the problem status of coinbase. However, 67% of problems are based on the website issue, and 31% of login issues. Moreover, the issue is resolved on November 16 at 22:27 UTC, as per the Coinbase status page.
Further, Bitcoin’s price has been steadily increasing this month, in response to PayPal announcing it finally started allowing customers to buy and sell Bitcoin and other cryptocurrencies using their wallets online.
Moreover, Bitcoin maintains to be the number one cryptocurrency with a market capitalization of over $310 billion. In addition, Bitcoin trades at a price of over $16,700 with a growth rate of +8.75% in the last seven days.
Furthermore, the incident of bitcoin skyrocketing and Coinbase going down reminds the 2017 bull market when the crypto exchange could not handle the activity as bitcoin price hit a peak of nearly $20,000.
However, Coinbase has suffered many outages during busy trading periods this year. Recently, the exchange outage comes at a time when bitcoin is spiking towards new highs not seen since Jan 7, 2018.