How GDAX and Coinbase collapses drove BTC below $ 10 K

30.11.2017

The cost of bitcoin collapsed due to the fact that the leading cryptographic instruments Coinbase and GDAX went offline because of overload issues.

For the bitcoin, Wednesday started from the $ 11,000 mark for a token, but by the evening the first crypto currency lost more than 25%. During these five hours, crypto-holders lost around $ 23 billion.

According to some Internet users, the subsequent fall to $ 9,350 after the rise to $ 11K occurred after the major exchangers of Coinbase and GDAX ceased to open due to technical problems, and Gemini, Bitfinix and Bitstamp had problems as well.

Interruptions in work are connected, as representatives of Coinbase on Twitter said, ‘with an 8-fold increase in website traffic compared to the maximum indicators of June’. So far, some Coinbase users can not use their accounts. GDAX has calmed the overload situation at the moment and returned to the operations.

However, on Wednesday, it was not possible for users to sell or buy a crypto currency on these platforms - the sites were either unavailable, or they issued error messages when users attempted to conduct a transaction.

Yesterday's rise and subsequent correction of the bitcoin course resulted in a sharp increase in the number of transactions at other sites. At peak hours, some graphs show, the numbr of transactions was around 91,000. The network still has not "breathed out" from opened transactions. 

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