Coinbase explains why their platform went down as BTC spiked to $10,000

• On the 1st of June, bitcoin spiked to $10,000 and got the community very excited as to what was to come round the corner. 
• Coinbase saw it’s servers go down which left many investors and traders confused and angry as they weren’t able to capitalise on this opportunity.

On the 1st of June this year, bitcoin spiked to $10,000 and got the community very excited as to what was to come round the corner for the leading cryptocurrency. 

During this time, one of the biggest platforms in crypto space, Coinbase saw it’s servers go down which left many investors and traders confused and angry as they weren’t able to capitalise on this key opportunity to trade in their assets. It’s safe to say that people deserve an explanation following this fiasco. And that’s exactly what happened last week. 

In the Twitter post published by the exchange, they cited several links to a more detailed explanation on the official blog for the platform. The post highlighted that the platform moved fast to restore the failed service and is currently working on a fix that will make sure the problem never occurs again.

According to the platform, the spike in bitcoins Price led to an increase in traffic by five times in just four minutes. According to them, they couldn’t handle it as the autoscaling system was overwhelmed leading to the creation of a backlog. This caused new survey requests to be dropped or timed out as they were stuck in the queue.

Coinbase experienced a brief outage on Monday, June 1st. While we were able to quickly restore service, here is a deeper look at what went wrong, how we fixed it, and how we’re improving our processes to better serve our customers. https://t.co/5E5jhUfFqS

— Coinbase (@coinbase) June 5, 2020

According to Michael de Hoog from the platform, he wrote in the blog post in regards to the future…:

In response to these events, we’re working on a number of improvements. We have since fixed the health endpoint to ensure that saturated instances don’t get taken out of rotation. We’re working on reducing the impact of price-related traffic spikes though pre-scaling and caching. Longer term we’re planning to improve our deployment process to mitigate some of the autoscaling issues we experienced.

He further said:

We are committed to making Coinbase the easiest, most trusted place to buy, sell, and manage your cryptocurrency.

It will be interesting to see how this situation plays out. For more news on this and other crypto updates, keep it with CryptoDaily!