Coinbase down due to high traffic

One of the possible reasons Coinbase was unavailable at 1:35 PM EST is that flow of new customers became so big that the servers of the exchange found it too hard to deal with. This has been confirmed by the official webpage of Coinbase that posts any messages on faults if they occur: “Identity verification is failing to complete for a significant number of customers due to high traffic. We are working on restoring services as soon as possible.”

Previously, CNBC reported about the price of Bitcoin becoming $19,000 on this exchange, and during 1:35 EST the price on Coinmarketcap was $16,636. What took months during the summer now happens within hours — the price of this cryptocurrency was $12,000 in December 6. For some, it might become hard to believe this is not a bubble.

Coinbase has recently had some other problems with its servers and this is the second time. Also, it had a clash with the Internal Revenue Service in America. This agency demanded to give personal data of users who allegedly were not paying necessary property taxes, because the IRS views digital currency as property. Coinbase lost the debate. However, this exchange is still one of the oldest and most respectable.