Crypto exchange Tech Hit Coinbase Disorder as Bitcoin first breaks $20,000
CoinBase said that its retail and business-oriented sites were hit by link issues and network congestion on Wednesday, with Bitcoin crashing to its top level ever. The US key exchange. coinbase said on Wednesday
Coinbase, a California resident, said it had "developed a fix" at 15:41 GMT, which fixed "congestion problems" on its Coinbase.com retail website, and monitored the situation.
Network congestion also slows the sending of ethereum - the second largest bitcoin cryptocurrency and associated tokens. The network congestion problems hit his Coinbase Pro platform as well, he said.
Bitcoin climbed earlier to $20,800, the highest ever, amid increased corporate and institutional interest. This year it has gained more than 170% as major investors attempt to resist inflation.
Ethereum has frequently jumped more than 6 percent in tandem with bitcoin.
During a sharp correction for Bitcoin, last month Coinbase was affected by technical issues and users reported trouble trading.
Coinbase CEO Pens Words of Caution to Crypto Newcomers
Coinbase CEO Brian Armstrong warned new crypto-currency investors of the next ascent to fresh all times, in Bitcoin's latest climb.
In a Wednesday blog post, the Chief Executor of the leading exchange for cryptocurrencies said he and his company have a "long term view of the market."
"It is also important to point out that while we are always excited that there is increasing interest in cryptography, it's not only a period of high volumes but also of price volatility," Armstrong writes. "Markets can move much faster than equity markets in either direction."
Armstrong also warned investors who could rely on short-term speculation and urge its clients to 'look for resources' and consult financial experts in order to gain better understanding.
The CEO also listed the numerous breakdowns in Coinbase this year as the trade was struggling to sustain a trading flood that wanted to capitalize on Bitcoin's high volatility.
"While we sometimes fail to address our weaknesses and to disclose transparently any information that our customers need to manage their accounts in confidence and take informed trade decisions," Armstrong wrote.