Amidst Bitcoin reaching new highs to $45,000, Kraken’s platform experienced massive technical issues. One of the world’s largest crypto platforms, Kraken, declared that it encountered technical problems that locked out clients of their accounts. Users were informed that they were unable to connect to the cryptocurrency exchange’s platform.
Moreover, clients reported slower than usual response times and that the exchange’s application programming interface was down. Others accuse that the problem was connected to the site, API, and mobile apps. Kraken proclaimed that it was temporarily halting its sign-up services until it fixes the connectivity issue. It attributed the network failure to a surge in traffic on its website, mobile apps and apologized for the inconvenience. Kraken’s page issued an incident report regarding users facing disrupted connection to the exchange’s interface at 17:11 UTC.
Heavy Traffic as the reason behind Kraken’s technical issues
However, after analyzing the issue for almost two hours, the exchange stated that it had recognized the problem’s cause and was implementing a fix. Kraken advocated the reason behind the issue as heavy traffic. It has pointed to an unanticipated surge in transactions and user volumes pointing to a server interruption. Nevertheless, the exchange dismissed any connectivity issues affecting payments employing the ‘Buy Crypto’ tool as well as card payments through the web and mobile.
Furthermore, various digital currency exchanges have encountered prominent developing issues as Bitcoin prices hit a new all-time high. The surge in Bitcoin results from the news that Tesla has acquired $1.5 billion of the cryptocurrency. Moreover, this led to unusual traffic that disabled the exchanges’ servers. Connectivity issues on exchanges are not surprising, as they frequently occur in association with Bitcoin spiking to new highs.
Bitcoin’s record-breaking price rally has frequently triggered an uptick in trading volume to draw new investors. Notwithstanding the continuous growth in crypto exchanges’ technical infrastructure and engineering staff, the most advanced incident warns crypto traders the access to powerful platforms that may become degraded or unavailable during times of notable volatility or volume.
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