29 Jan 2021 · 1 min read

Crypto Exchanges Break Under Heavy Traffic Showing Need For 'Wider On-Ramps'

Major crypto exchanges once again experienced multiple technical issues today as bitcoin (BTC) trading volume almost doubled today, surpassing USD 95bn, and dogecoin (DOGE) rallied in triple digits.

Source: Adobe/Kzenon

According to the most recent announcements:

  • Coinbase and Coinbase Pro said (17:09 UTC) that "due to a technical issue, we are experiencing degraded service where some trades may not be able to be completed." At 17:33 UTC they said that "all services are back up" and they are "monitoring our systems."
  • Kraken (17:15 UTC) said that after the website was put into maintenance mode earlier today, trading is now enabled via API and Kraken Terminal: "We are still working to resolve intermittent connectivity issues while accessing the Website."
  • Bittrex informed (17:07 UTC) that due to an increased amount of traffic, they are experiencing "some technical issues and our team is currently working diligently to fix this."
  • Meanwhile, Binance was forced to briefly suspend withdrawals earlier today due to a rush of new users. Chief Executive Officer Changpeng Zhao told Bloomberg that user sign-ups and trades jumped to a record high: "We almost ran out of DOGE coin addresses. Our system couldn’t generate new addresses fast enough to match new users coming in.

"We're gonna need wider on-ramps," Jameson Lopp, Chief Technology Officer of crypto security specialist Casa, reacted.

At the time of writing (17:47 UTC), BTC trades at USD 35,852, dropping from USD 38,429, reached earlier today. The price is still up by almost 12% in a day. Meanwhile, DOGE is up by 138%, trading at USD 0.046. It hit USD 0.0781 earlier today.
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Learn more:
Robinhood Now Limits Crypto Trading Too
Retail Investors Flock to Coinbase While It's Preparing For a Direct Listing
World's Richest Person, Tesla's Elon Musk Sends Bitcoin Sign, BTC Rallies
Dogecoin Blasts Into Top 10, And Leaves
Coinbase Apologizes To European Users For Missed Higher Profits
Crypto Exchanges to Spend 2021 Focusing on DeFi, UX, and New Services