Crypto exchange Coinbase hit by technology troubles as bitcoin cuts $ 20,000 for the first time

FILE PICTURE: Bitcoin virtual currency representation is seen in front of a stock graph in this photo taken November 19, 2020. REUTERS / Dado Ruvic / Illustration

LONDON (Reuters) – Coinbase, a large U.S. cryptocurrency exchange, said Wednesday that its retail and professional platforms are hit by connection problems and network congestion, as bitcoin plummets through $ 20,000 to its highest level ever.

Coinbase of California said on its website at 15:41 GMT that it had “implemented a repair” to address “congestion issues” on its retail platform and was monitoring the situation.

Network congestion also delayed sending ethereum – the second largest cryptocurrency after bitcoin, and linked to tokens, he said. Its Coinbase Pro platform was also hit by the network congestion problems, he said.

Bitcoin rose earlier to a record-breaking $ 20,800, amid growing institutional and corporate interest. It has gained more than 170% this year as larger investors seek it out for its alleged opposition to inflation.

Ethereum, which often moves alongside bitcoin, jumped more than 6%.

Last month Coinbase was hit by technology problems during a sharp correction for bitcoin, with consumers citing a trading difficulty.

Reporting by Tom Wilson, Editing by Iain Withers