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Coinbase crashes due to high traffic

Image courtesy of  Shutterstock

Image courtesy of Shutterstock

This week we saw Coinbase, the most popular US digital currency exchange crash due to high traffic.

On May 22, Coinbase added over 40,00 users, enough to fill the San Francisco Giants stadium. A trend that has become normal following the addition of Altcoins Ethereum and Litecoin. This influx of new customers has driven the price of cryptocurrencies to the point where it's crashing places to buy.

The company released a statement following the crashes:

"Coinbase has experienced unprecedented traffic and trading volume this week. As a result, has suffered a few outages and downgraded performance for some users this week. Our engineering and support teams are working around the clock to restore our site to normal performance."

For users who fear the crash may compromise their funds on the exchange, don't worry. Coinbase is insured and a very legitimate company. The crashes temporarily don't allow you to use the app. Another reason its good to keep your coins in a cold storage wallet which you can read more about here