Increased Bitcoin Demand from Asia Overloads Coinbase and Others

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Coinbase has had few troubles in the past few days, thanks to increased demand for Bitcoin among the investor and cryptocurrency community. The outages experienced by the cryptocurrency trading and wallet platform has been attributed to massive demand for Bitcoin in the Asian countries, driving the price to unprecedented levels.

Bitcoin has turned into an attractive financial asset since the beginning of this year, following a better than expected performance in terms of its value. The cryptocurrency has risen to new levels while experiencing a couple of setbacks in the process. Currently, a majority of demand for Bitcoin and other altcoins is said to be originating from Japan, China, and South Korea. The increased interest is reflected in the trading volumes of BTC/USD and BTC/JPY pairs, which in turn has impacted the global cryptocurrency market.

The increased stress on Coinbase saw people experiencing frequent outages and downgraded performance. Coinbase on its Twitter recently announced,

“Coinbase has experienced unprecedented traffic and trading volume this week.

As a result, Coinbase.com has suffered a few outages and downgraded performance for some users this week.

Our engineering and support teams are working around the clock to restore our site to normal performance.”

While the initial rise in demand

Read more ... source: NewsBTC USA

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