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

LONDON: Coinbase, a large US cryptocurrency exchange, said Wednesday that its retail and professional platforms are being hit by connection problems and network congestion, as bitcoin plummets through US $ 20,000 to its highest level ever.

Coinbase from 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 the sending of 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 earlier rose to its highest ever US $ 20,800 amid growing institutional and corporate interest. It has gained more than 170 percent this year as larger investors seek it out for its alleged opposition to inflation.

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

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)