- Two of the biggest cryptocurrency exchanges, Coinbase and Gemini, both crashed on Wednesday morning.
- Coinbase said it saw “all-time high traffic” which contributed to system outages.
- Bitcoin soared over $11,000 on Wednesday, after hitting a record high of $10,000 on Tuesday.
Two of the biggest cryptocurrency exchanges in the US crashed on Wednesday as bitcoin mayhem sent prices for the cryptocurrency surging above $11,000 a pop.
Users of the digital exchanges Coinbase and Gemini saw slowed performance on the websites, and in some cases still cannot log into their accounts.
Coinbase, which has exchanged over $50 billion since its launch in 2012, posted about a “partial system outage” on Wednesday.
Dave Farmer, director of Business Operations at Coinbase, said that the company experienced “all-time high traffic” early Wednesday morning, which gave some users slower performance.
“Should be fully resolved in the next couple of hours,” Farmer said in prepared remarks.
Gemini, the exchange started by Facebook’s notorious Winklevoss twins in 2015, showed many users a “504 Gateway Time-out” message, which means its servers were not responding to requests. The company posted on its status page that “systems are currently experiencing degraded performance.”
As of 10:08 am pacific time, Gemini’s system was under maintenance.