Yesterday, Bitcoin set a new all-time price high, passing the $3,000 mark. Today, the world’s most well-known digital currency sharply retreated from that record high, as trading volumes on the major cryptocurrency exchanges surged. Amid that heavy traffic, global Bitcoin exchange Coinbase experienced yet another major outage that temporarily left its customers without access to exchange services.
The exchange posted a notice on its status page at 11:08 PDT, notifying its customers of the problem:
“Coinbase is currently experiencing high traffic & customers have receive a "service unavailable" message when visiting Coinbase.com. We appreciate your patience while our team actively works to resolve this issue.”
A second notice announcing restoration of service appeared on the site about five hours later, followed by an announcement a short time later that suggested that the underlying issues had been identified and corrected. Judging by comments on sites like Reddit, however, some customers were less than satisfied with the exchange’s explanations for its recent problems.
A similar service crash occurred in late May 2017 as the price of Bitcoin tumbled from a then-high of more than $2,700 to around $2,300. Today’s outage occurred during similar conditions, with Bitcoin’s price dropping by around $500 and a number of altcoins losing value as well. Online reaction from customers has been understandably negative, as many have complained that the outage prevented them from purchasing additional Bitcoin and Ether at the lower prices or selling to minimize loss.