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US-based exchange Coinbase went down on June 1 and 2 just as the price of Bitcoin (BTC) was setting itself up to cross the $10k, marking yet another time in the past few months where the exchange has experienced downtime in times of market volatility.
The “connectivity issues“, as it is stated on the Coinbase status page, began appearing in the late afternoon on June 1, just one day before Bitcoin’s price began spiking, but newer reports show that the downtime also occurred as the rally was occurring.
Reddit users have shown no restraint in voicing their issues with what they see as a serious liability for traders.
Coinbase went down on Black Thursday, when the market was crashing along with other markets due to the COVID-19 Pandemic. It also went down on May 9 and April 29. The outages affected the mobile and web apps, and the APIs. On both instances, the issue was resolved within a few hours, but the frequency with which they have occurred has upset the cryptocurrency community.
These incidents are largely a result of high volumes and volatility. Other exchanges have experienced similar troubles, like BitMEX, which experienced downtime on May 19.