Hot on the heels of bitcoin dropping over 20 percent in value this morning, buying and selling was once again unavailable on the bitcoin exchange Coinbase for roughly two hours today, before service was restored.
According to the company’s support page, buying and selling was unavailable due to high traffic — likely caused by the drastic price fluctuations — with the company commenting that it was “working on restoring full availability as soon as possible,” which seems to imply that the issue was simply a technical issue as opposed to an intentional shut down. The downtime was still no doubt frustrating to anyone looking to either buy or sell bitcoin given the recent shifting in price. According to the Coinbase’s support account, the company is continuing to monitor for stability, which seems wise given the volatility of the marketplace today.
[status] Monitoring: Buys and sells have been re-enabled. We are monitoring for stability. https://t.co/TdDXCG2TbI— Coinbase Support (@CoinbaseSupport) December 22, 2017
Earlier this week, Coinbase suspended trading for Bitcoin Cash, a fork of the original bitcoin currency created in August, while it investigated possible insider trading by employees when the currency was added to Coinbase’s exchange.
Update December 22nd, 2:10PM: Updated article to reflect that Coinbase service has now been restored.