Market Analysis

Market Volatility Issues – Kraken & Coinbase Downtime – Explained.

Several leading United States-based cryptocurrency exchanges are having trouble handling yesterday’s market volatility.

Kraken’s trading is in “post-only” mode after being relegated to full “maintenance mode” Thursday morning. 17 hours after the difficulty was opened, Kraken officially reported onto its status page to mention a new limit, post-only orders are often submitted as they still work on a full fix.

The firm is battling another day of severe volatility & connectivity issues. Thursday saw an outage of the exchange’s trading API, although the online interface was still operational for now.

Coinbase also suffered “performance degradation,” per its status page. And as the exchange worked on a fix, reports of the exchange halted USD purchasing circulated on Twitter. A Coinbase spokesperson confirmed that USD purchasing was down, adding that it had been associated with the outage issues.

Several hours after the incident occurred, Coinbase updated the status page to mention that “trading is 100% backup [sic],” which was associated with another update shortly thereafter saying “all services are back up” and Coinbse is “continuing to watch for any upcoming issues.”

The price of the leading cryptocurrency Bitcoin [BTC] shot up nearly 20% yesterday morning to over $38,000 USD within a few hours.

These two exchanges have suffered downtime already this month, with both venues taking place after bitcoin traded above $39k for the primary time, earlier in January.

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