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Bitcoin soars more than $3,000 in under 3 hours on Coinbase -and the site went down

Business Insider | Dec 7, 2017, 10.39PM IST

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Coinbase

  • Bitcoin soared from $16,000 a coin on Coinbase's GDAX exchange to $19,500 in less than three hours Thursday.
  • Coinbase site appears to be down for some users.
  • Bitcoin was trading at $15,398 a coin at 11:59 a.m. ET, according to Markets Insider data.

Bitcoin soared above $19,500 a coin on Coinbase's GDAX exchange around 11 a.m. ET Thursday, just three hours after it blew past $16,000 on the site.

The massive tear upwards seems to have put pressure on Coinbase. The exchange's site was down at the time of print. The company said on twitter at 8:07 a.m. PT that users were experiencing issues logging in because of record traffic. Here's the tweet:

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Coinbase

The company, which is the largest platform for buying and selling cryptocurrencies in the US, has experienced a number of outages as the price of bitcoin has skyrocketed to new highs. The cryptocurrency exchange was down last Friday for about an hour, two days after a major system outage kept many users from accessing their bitcoin wallets.

Story is developing. Check back for updates.

Get the latest Bitcoin price here.>>

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