Coinbase website and app crash as Bitcoin price hits new 2020-high

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On Monday, Coinbase website and app briefly faced crash and multiple outages as investors and traders rush for Bitcoin gathered steam with BTC price surpasses $16,800 levels, which is a 2020-high.
Bitcoin (BTC) seems to attract more investors as price is hitting new highs. Yesterday, BTC crossed $16,8000 levels approaching closer to its next milestone of $17,000. While traders were busy buying more Bitcoin, crypto exchange Coinbase apparently crashed.
Both, the website and application version were down as investors received the message that the service is “temporarily unavailable”. Later, Coinbase issued a statement saying that they are investigating the problem. However, there were no further official comments coming from the cryptocurrency exchange.
However, throughout the day, the exchange continued to experience short outages at some intervals. As of writing this post, the status shows that Coinbase has “resolved” the incident. Well, this was for the second time when Coinbase website and app has been seeing crash over the last month.
Last time, during the busy trading period of October 27, the crypto exchange experienced the same issue. The investors rush for grabbing more Bitcoin is slowly growing and Coinbase requires to get its act right. Also, as the frenzy grows, there’s a high chance that there would be massive buy/sell orders coming from the whales.
Previously, such an issue happened earlier this year in March 2020 during the cryptocurrency market crash. As the community for gearing for Bitcoin halving and an expected supply squeeze, Coinbase clients were logged out of their accounts as the outage triggered.
The world’s cryptocurrency leader continues with its rally ahead surging nearly 10% over the last week. Currently, BTC is trading 3% up at a price of $15,575 with a market capitalization of $307 billion.
Experts believe that it could experience a short-term resistance around the $17,000 levels, however, investors are positive about the long-term outlook.

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