Bitcoin: Coinbase Goes Down Amid Skyrocketing Prices

December 7, 2017, 6:03 PM UTC

Popular cryptocurrency exchange Coinbase is having a rough Thursday morning amid bitcoin’s huge gain in price.

The company said via Twitter that its service is “currently experiencing record high traffic” that is “resulting in some customers having slow performance or issues logging into their accounts.”

Although Coinbase didn’t say why it’s experiencing so much traffic, it’s pretty clear it has something to do with bitcoin’s skyrocketing prices over the past few days. The cryptocurrency’s value went past $19,000 on Thursday morning, just hours after it topped $15,000.

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Bitcoin has consistently reached record highs over the past week despite some economists’ concerns about a bitcoin bubble. Meanwhile, other cryptocurrencies like Ethereum and Ripple were declining in value as of Thursday morning.

Numerous people voiced their frustration over Coinbase’s snafu on Thursday.




Some Twitter users also said that other digital asset exchanges like GDAX are also experiences problems.

Coinbase said it is trying to resolve the problem, but it did not say when it would be fixed.

On Wednesday, the popular video game distribution service Steam said it would longer accept bitcoin as a payment method, citing price volatility and rising transaction fees.

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