The world’s two largest exchanges dedicated to cryptocurrency, Gemini and Coinbase, experienced a crash earlier this week where users were unable to trade any cryptocurrencies. The outage caused a significant dip in the Bitcoin price. After it peaked at $11,400 earlier this week, it quickly plummeted back to $9,200 following the trading platform outages. Several other major exchange platforms around the world also reported instances of network disturbances. GDAX users complained of being locked out of their accounts and Bitstamp users reported a variety of issues.
According to Coinbase, their system crashed after it was followed by unprecedented levels of traffic shortly after the Bitcoin price peaked at $11,400. Fortunately, the outage was short-lived, as both Gemini and Coinbase were running at full strength again the next morning, following extensive repairing and continued maintenance on both platforms.
Coinbase reports that the partial outage started affecting its network as early as Wednesday morning, however, the majority of users only started sending complaints later during the afternoon. The popular cryptocurrency trading platform boasts of having exchanged over $50 billion via its platform since its inception in 2012.
According to the Coinbase director of business, David Farmer, the platforms experienced unprecedented high levels of traffic on Wednesday morning which caused the outage. The record-breaking traffic volumes were likely encouraged by the skyrocketing Bitcoin price. At the time, Farmer expressed his belief that the Coinbase team would be up to the task of restoring the platform to full strength within a few hours.
The other affected trading platform, Gemini displayed a “504 gateway time-out” message to a large portion of users. Since its establishment by the Winklevoss twins in 2015, the platform has grown widely popular amongst cryptocurrency users. The platform was hugely affected by the Bitcoin price surge and subsequent traffic increase.
Following the outage, the platform stated on their status page that their system is experiencing an outage. However, following repairs and maintenance, Gemini was up and running again as early as Wednesday evening.
According to Coinbase, their system crashed after it was followed by unprecedented levels of traffic shortly after the Bitcoin price peaked at $11,400. Fortunately, the outage was short-lived, as both Gemini and Coinbase were running at full strength again the next morning, following extensive repairing and continued maintenance on both platforms.
Coinbase reports that the partial outage started affecting its network as early as Wednesday morning, however, the majority of users only started sending complaints later during the afternoon. The popular cryptocurrency trading platform boasts of having exchanged over $50 billion via its platform since its inception in 2012.
According to the Coinbase director of business, David Farmer, the platforms experienced unprecedented high levels of traffic on Wednesday morning which caused the outage. The record-breaking traffic volumes were likely encouraged by the skyrocketing Bitcoin price. At the time, Farmer expressed his belief that the Coinbase team would be up to the task of restoring the platform to full strength within a few hours.
The other affected trading platform, Gemini displayed a “504 gateway time-out” message to a large portion of users. Since its establishment by the Winklevoss twins in 2015, the platform has grown widely popular amongst cryptocurrency users. The platform was hugely affected by the Bitcoin price surge and subsequent traffic increase.
Following the outage, the platform stated on their status page that their system is experiencing an outage. However, following repairs and maintenance, Gemini was up and running again as early as Wednesday evening.