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