KEY POINTS

  • Popular cryptocurrency trading platform Coinbase is down as Bitcoin vaulted over $40,000 for an instant Wednesday
  • It's not the first time Coinbase has gone down during a Bitcoin frenzy
  • The company shot up Twitter's trending list as users lamented that they couldn't participate

Coinbase, one of the most popular platforms for trading cryptocurrency, is experiencing server issues as Bitcoin shot past $40,000 as of 1:14 p.m. ET Wednesday. Coinbase’s status blog confirmed that both Coinbase and Coinbase Pro were having trouble, with the company trending on Twitter as users lamented not being able to participate in the price spike.

Bitcoin’s big gains drove the net worth of the cryptocurrency market above $1 trillion on Wednesday, the bulk of that value being the $700 billion in Bitcoin circulating.

Smaller currencies like Ether, the tokens associated with the popular Etherium network, lagged well behind.

Users on Twitter were quick to speak up, decrying the inability to take part in the frenzy. Many noted that it wasn’t the first time Coinbase’s infrastructure had collapsed during price races. The phrase “Coinbase” shot up the platform’s trending list.

While many bemoaned their prospective riches, others took the opportunity to make light of Coinbase’s servers.

It’s been a good week for cryptocurrency, with Bitcoin smashing price predictions and the Department of the Treasury giving U.S. banks the go-ahead to wade into the Stablecoin ecosystem.

Unregulated by any central bank, bitcoin emerged as an attractive option for investors with an appetite for the exotic -- although criminals have also picked up on its under-the-radar appeal
Unregulated by any central bank, bitcoin emerged as an attractive option for investors with an appetite for the exotic -- although criminals have also picked up on its under-the-radar appeal AFP / Ozan KOSE
RELATED STORIES
Twitter Bitcoin