This week has seen Bitcoin push past its $10,000 and even $11,000 target, however this growth did not come without trouble, as the large influx of buyers saw many exchange platforms not being able to cope with the volume of transactions.
Coinbase, one of the most popular exchange platforms, has struggled to deal with the intake of new accounts, mentioning in a statement that they were experiencing an “all time high” traffic – 8x bigger than the peak in June. Consequently, the Coinbase servers had to undergo maintenance to increase their capacity in order to meet the demands.
We are experiencing all time high traffic at the moment – 8x the peak we saw in June
— Coinbase (@coinbase) November 29, 2017
One of the top exchange platforms in the world, Bitfinex, also undertook server maintenance this week, and as a result they have suffered a DDoS attack.
Bitfinex is under DDoS attack. The DDoS attack started during earlier maintenance and has been ongoing since.
— Bitfinex (@bitfinex) November 26, 2017
Same thing happened to Bitstamp and Luno, a major South African platform, as they struggled to meet the demands of new buyers:
Our performance issues have been resolved. We will continue to monitor the situation. Apologies for the inconvenience!
— Bitstamp (@Bitstamp) November 29, 2017
We are still experiencing extreme market volatility. Some customers may experience performance issues. We're really sorry about this. We'll keep you updated with the progress on https://t.co/L0cKVVwlhk
— Luno (@lunomoney) November 30, 2017
This raises the question whether the market volatility and the volatility seen in the Bitcoin price in the past couple of days could be due to these exchange platforms not being fully operation. However, it seems that things have resolved now on all these platforms and they are currently working fine.