Crypto exchange Coinbase hit by tech trouble as bitcoin breaks $20,000 for first time

By Tom Wilson LONDON (Reuters) - Major U.S. cryptocurrency exchange Coinbase said on Wednesday its retail and professional-focused platforms were hit by connection problems and network congestion, as bitcoin smashed through $20,000 to its highest level ever. California-based Coinbase said on its website at 15:41 GMT it had 'implemented a fix' to address 'congestion issues' on its retail platform Coinbase.com and was monitoring the situation

Reuters December 17, 2020 00:06:17 IST
Crypto exchange Coinbase hit by tech trouble as bitcoin breaks $20,000 for first time

Crypto exchange Coinbase hit by tech trouble as bitcoin breaks 20000 for first time

By Tom Wilson

LONDON (Reuters) - Major U.S. cryptocurrency exchange Coinbase said on Wednesday its retail and professional-focused platforms were hit by connection problems and network congestion, as bitcoin smashed through $20,000 to its highest level ever.

California-based Coinbase said on its website at 15:41 GMT it had "implemented a fix" to address "congestion issues" on its retail platform Coinbase.com and was monitoring the situation.

Network congestion was also delaying the sending of ethereum - the second biggest cryptocurrency after bitcoin, and related tokens, it said. Its Coinbase Pro platform was also hit by the network congestion problems, it said.

Bitcoin earlier soared to $20,800, its highest ever, amid increased institutional and corporate interest. It has gained more than 170% this year as larger investors seek it for its purported resistance to inflation.

Ethereum, which often moves in tandem with bitcoin, also jumped more than 6%.

Last month Coinbase was hit by tech problems during a sharp correction for bitcoin, with users reporting difficulty trading.

(Reporting by Tom Wilson, Editing by Iain Withers)

This story has not been edited by Firstpost staff and is generated by auto-feed.

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