Coinbase, Kraken Experience Difficulties Amid Bitcoin Price Surge
- Both exchanges seemed to have had issues with their APIs, which could have resulted from “very heavy traffic”.
- The brief outages might have also been connected to the price of Bitcoin, which jumped as high as 15% on Wednesday.
Major cryptocurrency exchanges Coinbase and Kraken experienced brief outages on 29 April, in the midst of a Bitcoin (BTC) price surge.
According to the status page of Coinbase, its exchange website, API website, and mobile app suffered some major outages this Wednesday. As of the time of writing, the status stated that “The Coinbase Pro web and mobile apps are experiencing connectivity issues”, but also that “a fix has been implemented and we are monitoring the results”.
Kraken has also reported some issues with its API on 29 April, stating that it was “receiving reports of clients having difficulty connecting to the site and API”. The platform further stated that the difficulties were connected to “very heavy traffic”. By 18:56 UTC, the website stated that the platform “has returned to normal operating status”.
Wednesday’s issues could be connected to the sudden surge in the price of Bitcoin, which was able to increase its price by more than $1,000 today, stopping just shy of $9,000.
This is not the first time that cryptocurrency exchanges have faced such difficulties during times of drastic price changes. Coinbase’s website, for example, went down in March of this year, when Bitcoin lost over 20 percent of its value in under 30 minutes.
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