Kraken, one of the world’s longest-operating cryptocurrency platforms, said on its website that it was experiencing technical issues that locked out clients of their accounts. Until a fix was implemented shortly, Kraken has temporarily halted the on-boarding of new users amid bitcoin’s parabolic price rally.
Currently so many exchanges including Kraken and Voyager are dealing with overloads in signups.
This is exactly like Coinbase overloads in 2017 around April, where everyone was trying to fomo in before the big run up.
Just imagine if this was just the start
— NekoZ (@CryptoNekoZ) February 8, 2021
Nearly all digital currency exchanges have faced significant growing pains today as Bitcoin price hit a new all-time high after investors reacted to news that Tesla had purchased $1.5 million of the cryptocurrency. All of which led to unprecedented traffic that crippled the exchanges’ servers, akin to a DDoS attack.
The No.1 digital coin gained over $5600 in just one day, topping out ahead of $45,000.
Despite the ongoing development in crypto exchanges’ technical infrastructure and engineering staff, the latest incident reminds crypto traders that access to even major platforms may become degraded or unavailable during times of significant volatility or volume.
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