Bitcoin soars over $3,000 in under 3 hours on Coinbase, site down


Coinbase

  • Bitcoin soared to more than $19,500 a coin from $16,000
    on Coinbase’s GDAX exchange in less than three hours on
    Thursday.
  • Coinbase said its site was down for some users because
    of record-high traffic.
  • The price of bitcoin was all over the place on
    Thursday, with numerous exchanges listing it at drastically
    different prices.

Bitcoin
soared above $19,500 a coin on Coinbase’s GDAX exchange on
Thursday at about 11:30 a.m. ET, three hours after it blew past
$16,000.

The massive tear upward seems to have put pressure on Coinbase’s
infrastructure — the exchange said on Twitter that users were
experiencing issues logging into their accounts because of record
traffic:



Screen Shot 2017 12 07 at 12.05.05 PMCoinbase

Coinbase, the largest platform for buying and selling
cryptocurrencies in the US, has experienced several outages as
the price of bitcoin has skyrocketed to new highs.

The exchange was down for about an hour on Friday,
two days after a major system outage
kept many users from
accessing their bitcoin wallets.

The price of bitcoin on Thursday was all over the place, with
various exchanges showing significantly different prices — some
more than $1,000 apart. The immaturity of the bitcoin markets has
often created price discrepancies, which would be unheard of
elsewhere on Wall Street.

At 12:48 p.m., for instance, bitcoin was trading at $19,141 a
coin on Bithumb, an exchange in South Korea. At the same time, it
was trading at $14,573 on Bitfinex, based in Taiwan.

Cryptocurrency exchanges, which don’t have the industrial
infrastructure of traditional exchanges such as the New York
Stock Exchange or the Nasdaq, are under pressure to handle record
trading volumes.

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Twenty-four-hour trading volumes reached a record high above $28
billion on Thursday, according to CoinMarketCap, a
cryptocurrency data site. To put that in context, $50 billion
worth of securities trade on the NYSE during an average trading
session.


Screen Shot 2017 12 07 at 12.21.20 PMCoinMarketCap

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