Bitcoin surges, exchanges heat up, and Coinbase sparks – rinse, rinse, repeat. Following widespread reports that Coinbase users were logging in to see Zero balances In his brief, CEO Brian Armstrong said Wednesday afternoon that the problem had been resolved.
Coinbase's history of going down during traffic jams is a positive market indicator of known technical problems that prompted crypto Twitter to entertain another opportunity on the exchange.
“Coinbase app is off,” Reflexivity Research co-founder Will Clement He wrote on Twitter. “We're back a lot.”
Cryptocurrency exchanges often experience outages during Bitcoin rallies, which lead to spikes in user traffic and trading activity and unpredictability in Bitcoin prices.
“We modeled and load tested a ~10x increase in traffic,” Armstrong said he said. On Twitter. “This was over the top.
“It's expensive to keep the services up and running, but we need to continue to auto-scale solutions and kill the remaining bottlenecks,” he continued. “Thank you for your patience.”
Armstrong previously said Coinbase was dealing with a “huge traffic surge.” Apologize For problems.
Crypto-watchers are caught up in the news as a reason to be hooked.
“Coinbase crash is a sign of bullies,” Chateau Capital co-founder and COO Alex Valaitis he said. “Retail is coming back!”
“This is like the canary in the coal mine. The giga bull is just getting started,” says Zenaka, founder of Zen Academy. he said.. “Retail… is it coming?”
Rival exchanges could not resist the merger.
Along with good days for Coinbase, the history of bad days for Bitcoin is well established. In the year In 2017, Coinbase crashed as Bitcoin soared to an all-time high of $19,345. Coinbase has crashed again. April 2020 As Bitcoin investors prepared for the event on April 29, the price of Bitcoin rose 15% overnight. Halving Bitcoin Prepared by May and FOMO.
Coinbase crashed once in January 2021, when the price of Bitcoin reached $40,000 before falling 25%, $8,000. 32000 dollars the next day. In May of the same year, when the price of BTC dropped more than 30 percent in 24 hours, Another crash. What about when Bitcoin hits an all-time high in November 2021?
Coinbase reported “connection issues again” a few weeks later.
Traditional exchanges work 6 to 8 hours a day, five days a week, which gives their developers enough time to solve technical problems. Crypto exchanges generally operate 24/7, which makes it very challenging to maintain the system, especially when there is a high traffic flow.
Edited by Ryan Ozawa.
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