Traders Complain About Exchange Issues and Downtime During Bitcoin's Volatile Price Swings

Metaverse Jan 22, 2023 0 80 Add to Reading List

As bitcoin and a number of digital assets saw deep losses on Monday, a few crypto-asset exchanges had difficulties. Traders have been complaining about issues with exchanges like Coinbase, Kraken, and other trading platforms during the volatile price swings.

Bitcoin (BTC) and many other cryptocurrencies have suffered a dip in value during the course of the day on Monday. While all the action happened, members of the crypto community and traders started complaining about exchange issues.

“Coinbase couldn’t really couldn’t be performing any worse during these high volatility situations,” The Block analyst Larry Cermak tweeted on Monday morning (EST). Digital currency exchanges also had issues keeping up with demand and traffic this past Sunday (Jan. 10) and on Friday (Jan. 8) as well.

In another instance on Monday, the analyst Willy Woo tweeted about the San Francisco exchange Coinbase and stated that “buys on Coinbase are not completing. In the midst of the bitcoin (BTC) price drop on Monday at around 11:37 a.m. (EST), Woo added:

Coinbase is $350 lower than other exchanges right now, it’s throwing off derivative indexes and likely impacting trade algos.

At the time of publication, Coinbase doesn’t seem to be suffering from any issues today, according to the company’s status page. However, during the last two days, the San Francisco trading platform had an issue with “delayed transfers,” and the day prior it suffered from “delayed transfers and elevated error rate.”