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.
Michael Novogratz, one of the most well-known Wall Street investors, said that he would sell Litecoin after it surges. Litecoin has seen some significant gains. It soared over 70%. It is the fourth largest cryptocurrency behind Bitcoin, Ethereum, and Bitcoin cash.
However, Michael Novogratz said that he does not see Litecoin reaching the same gains as Bitcoin. He said that once Litecoin surges, he would sell it. Bitcoin is the future of cryptocurrencies, at least for now, according to Michael Novogratz. In fact, Michael predicts that Bitcoin can easily rise to $0,000 in the next two to three months.
The chairman of the US Securities and Exchange Commission said that there are many dangers in Bitcoin investing. Because of Bitcoin’s high prices, regulators are starting to look into it. However, many exchange platforms are starting to add Bitcoin to their platforms.
Novogratz said that institutional investors are not yet investing in Bitcoin. However, once they start doing so, and they are indeed looking into it as a potential asset, Bitcoin will start going up. For example, if Goldman Sachs starts investing in Bitcoin, it will jump to all-time highs. This is not happening yet, and although Goldman Sachs said that they are clearing some Bitcoin trading for their clients, very little to nothing is actually going on.
Besides Litecoin, there are other altcoins, or alternative cryptocurrencies, that are rising. Ethereum and Bitcoin Cash, are all becoming increasingly popular.