Coinbase, the leading cryptocurrency exchange that cannot handle massive traffic, is once again affected by disruptions. According to Downdetector.com, there was a large increase in reports at 12:37 PM (UTC).
During the day, Bitcoin hit a weekly high of $ 38,249, up more than 19 percent after the addition of Elon Musk, the richest person on the planet, to his Twitter bio.
Stock markets are struggling to keep up with demand. Coinbase officially approved its plan to go public yesterday via a direct listing this year.
Despite being the largest US stock exchange with 43 million users worldwide, it is constantly criticized for repetitive outages that coincide with rapid increases in market volatility.
However, Coinbase is not the only exchange currently struggling due to the enormous demand, as its biggest competitor Binance had to suspend its withdrawals briefly due to the large number of new user registrations.
In addition, Binance made a statement about the withdrawal transactions and stated that opening too many new addresses, especially due to the demand for doge coin, caused a congestion in the system and they could not catch up for a short time.