Bitcoin exchange and brokerage service Coinbase is back online following multiple outages that forced the company to suspend trading on Friday as the cryptocurrency markets endured their worst correction in at least a month.
Seemingly out of nowhere, the entire cryptocurrency market entered a severe corrective phase on Thursday, sending nearly every top 100 coin and token into a tailspin and spurring investors with weak hands to scramble toward the exits.
Unfortunately, many traders were greeted with a message that has become all too familiar when they logged into their Coinbase accounts on Friday:
“Due to today’s high traffic, buys and sells may be intermittently offline. We’re working on restoring full availability as soon as possible,” a statement on the Coinbase website read this morning.
According to the company’s status page, the exchange suffered from two trading suspensions during the height of the frenzy, each lasting approximately one hour.
This was just the latest public relations headache for Coinbase, which is far and away the most popular cryptocurrency brokerage service in the US but has struggled to scale its operations to match rising consumer demand.
The company has suffered persistent outages throughout the year, including one as recently as yesterday, but the company has also incurred the ire of some bitcoin diehards for its support of the contentious SegWit2x scaling proposal, as well as its seeming reluctance to implement Segregated Witness (SegWit) now that it has been activated on the Bitcoin network.
Just this week, Coinbase garnered significant criticism for its messy rollout of support for bitcoin cash that saw the company suspend trading just minutes after its launch and many community members accuse employees of engaging in insider trading.
As of 4 p.m. ET, Coinbase’s trading platform had been operational for three consecutive hours, likely because traffic congestion tapered as the bitcoin price leveled out.
After dipping as low as $10,700 on Bitfinex, the bitcoin price appeared to recover to a point of relative stability, and at press time it was trading at a global average of $13,744, according to the BlockExplorer Bitcoin Price Index.
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