- The cryptocurrency markets are in overdrive as the total market cap surpasses $1 trillion and Bitcoin heads above $40,000
- The soaring demand is causing issues for the world’s most popular cryptocurrency trading platforms
- Coinbase, Binance and Kraken were among the exchanges that experienced issues due to heavy load
Crypto exchanges struggle under heavy load as cryptocurrency market heats up
As the total cryptocurrency market rises above $1 trillion and hits unprecedented highs, cryptocurrency exchanges are struggling to keep up with the massive demand from customers.
One of the exchanges that had problems yesterday was Coinbase, a platform that by this point unfortunately has a reputation of struggling to keep up when the cryptocurrency markets heat up. Coinbase said its platform was experiencing »connectivity issues«, acknowledging the issue at 07:50 PST on its status page. It took about five hours for the exchange to implement a fix, and it announced later in the evening that the »incident has been resolved«.
We’re aware of and investigating connectivity issues on Coinbase and Coinbase Pro on both web and mobile apps. We’re working quickly to restore service back to normal, and we’ll send an update as soon as this issue is resolved. https://t.co/pRx2MtUsHe— Coinbase Support (@CoinbaseSupport) January 7, 2021
Coinbase’s Coinbase Pro exchange handled over $6 billion in trading volume in the last 24 hours.
Coinbase wasn’t the only exchange that felt the impact of the surge in demand. Binance, another top player in the cryptocurrency industry, was experiencing a websocket issue affecting its spot markets, leading some users to have problems with accessing the exchange. The official Binance Twitter account noted that the exchange was seeing all-time high volumes.
Binance CEO Changpeng »CZ« Zhao echoed the sentiment, saying that the exchange was seeing »insane« amounts of traffic:
Insane amount of traffic.— CZ ? Binance (@cz_binance) January 8, 2021
Binance handled a stunning $22.1 billion worth of trading volume in the last 24 hours.
Kraken was also experiencing issues due to heavy load, leading to users having trouble accessing its website and API. While investigating the issue, the exchange had to briefly disable all order types other than limit, post-only orders. A few hours ago, the exchange announced that the issue has been resolved. Kraken has had $3 billion worth of trading volume in the last 24 hours.
Bitcoin is currently trading at a historic high of around $41,300 as the world’s leading cryptocurrency continues its bull run after crossing $20,000 for the first time ever on December 16.
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