Coinbases yet again crashes when Bitcoin reaches $10k – sparks many questions

Some of our posts may have affiliate links including this one. That means if you make a purchase I may get a commission (at no extra cost for you). To find out more about it read our Disclosure page

With the news of Bitcoin yet again surpasses the $10k level some crypto users noticed that Coinbase, one of the most used cryptocurrency exchanges/broker sites in the world was down shortly after the price rise.

Threads on popular online discussion site Reddit talked about the issue regarding Coinbase’s downtime during this recent price increase, and that this not being the first time it happens.

In April when Bitcoin rallied to the $9k mark Coinbase experienced a brief outage, we can find more examples going back to 2019 and 2017.

So what does this mean for the US-based cryptocurrency exchange? Have they not learned from past issues? And how will they be able to handle any increased volume if and when the next bull run starts?

It is clear that people are not happy about it (Coinbase’s outages). But is it going to affect Coinbase? And more importantly what are they doing to this fix these issues?

Coinbase isn’t alone with this problem

Coinbase exchange photo

This problem of temporarily being offline is not something that Coinbase alone has had problems with. Everyone from Bitmex to Binance and Kraken has had the same issues.

But Coinbase might have been in this situation far too often unhappy crypto holders and traders indicate.

Trading outage & fake trading volumes a common problem

It is not just the outages that plague many cryptocurrency exchanges. Another big problem is the reported fake trading volume that exist in the cryptocurrency space.

Reports of 90-95% (according to Bitwise report – Traders Magazine) of all current cryptocurrency trading volume data being fake. This is of course a big problem for all traders who are looking to find an appropriate cryptocurrency exchange and then sell or buy.

It becomes a problem when crypto traders are unsure of the actual volume and will then have to move from exchange to exchange to find any real trading volume.

Cryptocurrency exchange data reporting sites Coingecko and Coinpaprika are two examples where they have introduced features that tries to show the real data compared to the reported data from the cryptocurrency exchanges.

95% of cryptocurrency exchange trading volumes is fake according to Bitwise

Find other guides:

  1. Best Coinbase alternatives
  2. Binance Review
  3. Kraken Review
  4. KuCoin Review

Subscribe to our list

Don't worry, we don't spam

Tags:

We will be happy to hear your thoughts

      Leave a reply

      Enable registration in settings - general