Coinbase is one of the leading platforms for trading Bitcoin. It also lets users trade Ethereum and Litecoin. On Tuesday, they announced that trading for Ethereum and Litecoin was temporarily disabled. This happened in the morning, Eastern time. A few hours later, the issue was resolved, but not for long. A short time after 2 p.m., Coinbase again announced that trading for Ethereum was disabled. This time, it only took 45 minutes until the issue was resolved.
Coinbase said in a statement that their site was experiencing a record amount of traffic. This was the cause of the outages, and there may be additional outages in the future.
Bitcoin and Ethereum have been rising at tremendous rates. Bitcoin rose 5% to a record high of over $17,000. Ethereum rose 23 percent to a record high of well over $600. That is 7,500 percent higher than the price that it started at.
Cryptocurrencies, in general, have been experiencing new interest over the last few months. Coinbase is one of the easiest platforms to get started with trading Bitcoin. Many users have started to join Coinbase. Coinbase has a complex job of securing vast amounts of digital currencies. They add dozens of thousands of users each day. Scaling such a business on such levels is tough. However, experts are saying that they have been making the right moves until now.