By Jen Wieczner.
After both hit all-time highs earlier this week, Bitcoin and Ethereum prices plummeted as much as 25% Thursday — but many investors were unable to trade for much of the selloff.
Coinbase, a leading cryptocurrency exchange, confirmed that it was completely offline by 9:35 a.m., though the outage appears to have begun several hours earlier, with investors reporting problems on Twitter throughout the night. The company blamed “sustained heavy traffic,” likely caused by intense Bitcoin and Ethereum trading, for crashing the Coinbase website and mobile app, which remained completely down for at least four hours.
As has become a familiar frustration to blockchain enthusiasts in recent days, Coinbase went offline at the worst possible time, just as extreme price swings in the cryptocurrencies made investors desperate to buy or sell.
Read more at Fortune.