{"id":342017,"date":"2017-05-26T13:11:33","date_gmt":"2017-05-26T05:11:33","guid":{"rendered":"http:\/\/techcrunch.com\/?p=1496264"},"modified":"2017-05-26T13:11:33","modified_gmt":"2017-05-26T05:11:33","slug":"even-the-worlds-largest-bitcoin-exchange-couldnt-handle-this-weeks-cryptocurrency-boom","status":"publish","type":"post","link":"https:\/\/people.utm.my\/asmawisham\/even-the-worlds-largest-bitcoin-exchange-couldnt-handle-this-weeks-cryptocurrency-boom\/","title":{"rendered":"Even the world\u2019s largest bitcoin exchange couldn\u2019t handle this week\u2019s cryptocurrency boom"},"content":{"rendered":"

<\/p>\n

For those\u00a0operating a bitcoin exchange \u2014 where people can buy cryptocoins \u2014 you\u2019d imagine that the current surge in value\u00a0for bitcoin and others like Ethereum\u2019s ether coin<\/a> is\u00a0a\u00a0dream come true. The answer is yes and no.<\/p>\n

Coinbase, the world\u2019s most funded bitcoin exchange, was dragged offline\u00a0by the massive increase in interest in the space. Users have reported issues with various aspects of the service this week, and things reached a head on Thursday when the Coinbase website and mobile apps were unavailable to users for hours due to \u201cunprecedented\u201d\u00a0levels of trading and traffic, the company said.<\/p>\n

Bitcoin crossed the $2,000 mark for the first time<\/a> this past weekend, and the charge continued this week until yesterday when, after reaching a new high of $2,805 on the Coinbase exchange, the valuation\u00a0fell to\u00a0$2,307. The currency has since stabilized, but its current value of $2,475.23 represents a $116.41 drop over the last 24 hours.<\/p>\n

\u201cThe market cap of digital currencies has increased ~50 percent to $91 billion in the past week. As a result, Coinbase has seen a dramatic increase in traffic and trading volume,\u201d the company told TechCrunch in a statement.<\/p>\n

\u201cThe Coinbase engineering and support teams have been working round the clock to keep up with this unprecedented volume. However, Coinbase.com has suffered a few outages including degraded performance and deposit\/withdrawal delays for some users. We are actively working on resolving these issues and restoring our site to normal performance,\u201d it\u00a0added.<\/p>\n

Things seem more stable today, with the Coinbase website and app functioning as usual. Having said that, at the time of writing, there are some minor issues with certain debit and credit cards, according to the company\u2019s own status report<\/a>.<\/p>\n

According to Crunchbase<\/a>, Coinbase has raised over $117 million from investors that include\u00a0Bank Of Tokyo \u2013 Mitsubishi UFJ, the New York Stock Exchange, Union Square Ventures, Draper Fisher Jurvetson and\u00a0Andreessen Horowitz. Its $75 million Series C<\/a> in 2015 was a record funding round for any bitcoin-focused startup.<\/p>\n

Featured Image: Jon Russell<\/a>\/Flickr<\/a><\/small><\/p>\n","protected":false},"excerpt":{"rendered":"

\"\" For those\u00a0operating a bitcoin exchange — where people can buy cryptocoins — you’d imagine that the current surge in value\u00a0for bitcoin and others like Ethereum’s ether coin is\u00a0a\u00a0dream come true. The answer is yes and no. Coinbase, the world’s most funded bitcoin exchange, was dragged offline\u00a0by the massive increase in interest in the space. Users have… Read More<\/a><\/p>\n

\n<\/img><\/a> <\/img><\/a> <\/img><\/a> <\/img><\/a> <\/img><\/a> <\/img><\/a>\n<\/div>\n

\"\"\/ <\/p>\n","protected":false},"author":5817,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[25],"tags":[59,66,26],"class_list":["post-342017","post","type-post","status-publish","format-standard","hentry","category-technology","tag-media","tag-techcrunch","tag-technology"],"_links":{"self":[{"href":"https:\/\/people.utm.my\/asmawisham\/wp-json\/wp\/v2\/posts\/342017","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/people.utm.my\/asmawisham\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/people.utm.my\/asmawisham\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/people.utm.my\/asmawisham\/wp-json\/wp\/v2\/users\/5817"}],"replies":[{"embeddable":true,"href":"https:\/\/people.utm.my\/asmawisham\/wp-json\/wp\/v2\/comments?post=342017"}],"version-history":[{"count":0,"href":"https:\/\/people.utm.my\/asmawisham\/wp-json\/wp\/v2\/posts\/342017\/revisions"}],"wp:attachment":[{"href":"https:\/\/people.utm.my\/asmawisham\/wp-json\/wp\/v2\/media?parent=342017"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/people.utm.my\/asmawisham\/wp-json\/wp\/v2\/categories?post=342017"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/people.utm.my\/asmawisham\/wp-json\/wp\/v2\/tags?post=342017"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}