It’s been an eventful week for Bitcoin traders, with the price of the cryptocurrency rising above $10,000 per bitcoin on Monday, only to have the price plummet by 14 per cent in only 15 minutes on Tuesday. Although the large spike and subsequent decline would have provided trading opportunities, users of Coinbase, a major bitcoin and cryptocurrency exchange, weren’t able to get in on the action as the exchange crashed just as the price of BTC started its ascent.
According to various media reports, the exchange was offline for about an hour. According to the exchange’s website, the connectivity issues lasted from 16:14 – 16:58 PDT on the 1st of June 2020.
According to Coinbase, the system issues were caused due to observing increased latency. The exchange did commence an investigation into the issue, however, the exchange has not disclosed any further information.