The Overheated Cryptocurrency Market: Coinbase Experiences Biweekly Outages as APP Store Rankings Skyrocket
Bitcoin hit $60,000 on February 28th and broke its previous all-time high within a week. The market frenzy caused Coinbase to crash twice in the past seven days, and Binance also experienced a brief period where withdrawals were not possible.
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Coinbase Crashes Twice in One Week
Coinbase App Jumps in Rankings
Binance Quickly Fixes Withdrawal Issue
The high level of activity in the cryptocurrency market seems to have exceeded the capacity of exchanges. Recently, a small number of Coinbase users reported zero balances in their accounts.
Coinbase
tweeted in response:
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We’re aware that some users may be experiencing delays on Coinbase.com, and some users may see intermittent display of zero balances. Please rest assured that your funds are safe.
Coinbase had previously experienced issues with displaying zero balances at the end of February. CEO Brian Armstrong stated at the time that the platform was dealing with a large influx of traffic and apologized for any problems users encountered. The team was working hard to fix the issues.
Coinbase App Jumps in Rankings
Data company Sensor Tower reveals that Coinbase has jumped in the daily category rankings on the Google Store from 60th place on February 6th to 17th place. On the Apple Store, it has risen from 183rd place to 53rd place.
(
Armstrong sells shares to fund scientific research, Coinbase stock price reaches 200 yuan and can finally pay dividends!
)
Binance Quickly Fixes Withdrawal Issue
In addition to Coinbase, Binance also experienced a problem with cryptocurrency withdrawals on the evening of the 5th. However, the Binance team quickly resolved the issue within a few minutes.
Coinbase
Binance
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