No one will be surprised to learn centralized exchanges are struggling once again. The year 2017 has been kind to cryptocurrency, but these exchanges have spoiled the fun on multiple occasions After facing issues late last week, Coinbase was suffering once again early today. It is uncanny how many problems these companies have to deal with this year. Things got so much out of hand. both Litecoin and Ethereum trading ha to be halted for a while.
Whenever a cryptocurrency exchange halts trading, things are not looking good. In most cases, such a measure is only taken if there is no other course of action. Whether or not that is the case for Coinbase, remains unknown at this point. The company suddenly paused all LTC and ETH trading without any prior warning. It is evident the platform continues to struggle due to the growing user base. A lot of infrastructure upgrades will need to be made sooner rather than later.
More Problems for Coinbase
Users of the exchange received a warning through the mobile app. Coinbase halted both buy and sell procedures for these two cryptocurrencies. Given their major gains over the past 24 hours, the demand is pretty big. Unfortunately, centralized platforms will never be able to carry this load whatsoever. Problems like these have persisted for many years now and things only get worse, by the look of things. Surprisingly, the GDAX platform was operating just fine, albeit slightly slower than normal. Very odd, considering how both platforms are operated by the same parent company.
Thankfully, it seems this matter will be resolved fairly quickly. Litecoin trading seems to be back up and running as we speak. Ethereum buys and sells are still disabled, and there’s no official ETA as to when this matter will be resolved.Coinbase is also struggling with identity verification, as this process is also delayed for a few customers. Once again, an unacceptable situation. We all know their customer base is growing, but it can’t remain an excuse forever.
It is expected these issues will negatively impact both Litecoin and Ethereum. Said currencies have seen major growth over the past few hours. With Coinbase borking once again, the market will see some sort of a retrace. As long as GDAX remains operational, that shouldn’t be much of a problem. We can only hope their infrastructure can effectively keep up with the demand. It is an unfortunate situation, but one people are slowly getting used to.
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