• Sun. Dec 10th, 2023

Kraken Suffers Service Outage As Bitcoin Sees Price Surge

Phillip Seefeldt

ByPhillip Seefeldt

Feb 9, 2021

Bitcoin is presently experiencing the best time in the crypto market as various institutional investors fueled the recent surge that happened. Presently, one Bitcoin goes for close to $47,000 as investors are looking to add to their profits. With the rise in the price of Bitcoin, the crypto exchange platform, Kraken has announced that it faces severe technical glitches on its platform.

According to a recent publication made by the platform, the glitch saw a huge percentage of the members on its platform get locked out of their accounts for a long time. The crypto exchange said that it had to restrict the signing up of new members on the platform before resolving the issue.

Users started complaining around when Bitcoin started its surge

The crypto exchange said that the issues witnessed on its site were caused by the recent surge in the leading digital asset price. In a recent post on the website, the crypto exchange mentioned that its users started reporting technical issues to its customer pages at around 17: 11 UTC. The crypto exchange further went on to say that the issue was not felt only on the web-based page of the crypto exchange as users on their mobile platforms also reported issues like that.

“We noticed the issue was a general one, and we are trying to fix it. The issue emanated from the surge in the number of people on the platform, and as of now, no one is allowed to sign up until we sort it out”, Kraken said.

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In the meantime, the exchange has to told users to be patient with them as they are working hard to rectify the issue and update them promptly if things change in the coming hours. This is not new regards crypto exchanges across the United States as most of them have always suffered mishaps like this during the bull run of various digital assets.

The latest development is a known problem amongst crypto exchanges in the US

The digital asset has since rolled out a statement where it mentioned that its top engineer was on the issue and was sorry for the downtime. Users showed their disapproval for such occurrences as they took various social media platforms to air their view on the latest issue. Kraken also reported that the influx of users into its platform coupled with the surge in the number of active previous uses around the time was to be blamed for the issue.

The digital asset also mentioned that sequel to rumors that users were not allowed to buy digital assets, the services related to buying assets were working as usual, and users can make transactions. The exchange mentioned that even though the service was slow, the features were working perfectly.

Major digital assets exchange with massive user base has always faced issues like this, with Coinbase a worthy mention. The San Francisco-based digital asset exchange has always be surrounded by issues every time any digital asset makes a surge, which will, in turn, lead to a surge in the price of the digital asset.

Phillip Seefeldt

Phillip Seefeldt

Phillip Seefeldt is a skilled and perceptive news writer known for his comprehensive analysis and engaging writing style. With a commitment to accuracy and a deep understanding of current affairs, his articles provide readers with insightful perspectives and thought-provoking insights.

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