The United States-based crypto exchange is known for are experiencing serious connection problems during periods of peak loads. These disruptions have reportedly prevented traders from taking advantage of price rises and dips, depriving them of their profit-taking and re-entry opportunities.
As Cointelegraph recently reported, Coinbase has acquired Routefire, a platform for enhanced trading execution as part of an effort to better handle periods of peak crypto trading activity.
At the time of writing, Coinbase has yet to report connectivity issues on its exchange platforms. According to the company’s status page identified and resolved the main cause of the service interruption on Thursday.
Coinbase isn’t the only major exchange to face problems during Bitcoin price hikes. Binance also routinely goes offline when BTC prints big price gains. Commenting on the issue in December 2020, Binance CEO Changpeng Zhao noted that 5% Bitcoin price increases often accompanied by a 30 times increase in trading volumes that can cause significant latency issues on the platform.
Bitcoin’s rise above the USD 41,000 price puts BTC in the top-10 global asset class with a market capitalization outpacing tech conglomerates such as Facebook and Tencent. Above Tesla, Bitcoin will have to surpass the $ 1 trillion market cap mark to catch up with companies like Google and Amazon.
At the current market price, Bitcoin is up more than 40% since the beginning of the year and nearly quadrupled from the same time in 2020.