Bitcoin Crash Stumbles Coinbase, Causing Delays And Malfunctions

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Cryptocurrency exchange Coinbase Global Inc. struggled to keep up with volume on Tuesday amid an increase in trade spurred by Bitcoin’s slide, after El Salvador became the first country in the world to officially adopt digital currency as legal tender.

Although Bitcoin is the largest cryptocurrency in the world, it is still considered to be more volatile than traditional currencies backed by other assets. That was on full display on Tuesday as digital assets fell from nearly $ 53,000 to their lowest $ 43,119, before rebounding to $ 47,000 in a bumpy ride.

Ticker Security Last modified Modification% COIN COINBASE GLOBAL, INC. 256.87 -9.94 -3.73%

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The trading frenzy caused service delays for Coinbase customers and reported app malfunctions, but the company assured merchants on Twitter that the issues were resolved and services stabilized within hours. The company confirmed to FOX Business in a statement, “For this morning’s incident, a sudden surge in network traffic resulted in a degradation of our services.”

Coinbase customers have expressed fury at the issues in response to the company’s social media posts, with several furious that they couldn’t buy during the downturn due to the issues.

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El Salvador’s adoption of Bitcoin has sparked debate among investors as other countries consider cryptocurrency, with some seeing it as an opportunity and others as an act of desperation for countries already facing problems. financial stability.

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