November 29 was an exciting day if you were watching bitcoin prices swing back and forth with quite a bit of turbulence. The price of bitcoin touched an all-time high of $11,395 across global exchanges. Then, about an hour or so later, the price went down hard to a low of $9250 on some trading platforms. Although some exchanges had significant operational issues according to upset customers, the Down Detector, and the trading platform’s own website status pages.
Multiple Cryptocurrency Exchanges Suffer From Website Outages and Service Issues
Cryptocurrency exchanges had some difficulties on November 29 as the price had wild and tumultuous price swings all day long. After the big spike and the start of the dip, customers started venting on forums and social media complaining about trading platforms and outages. The forum /r/bitcoin started a megathread dedicated to exchange outages. “Please discuss exchange outages here instead of everyone submitting screenshots of a broken website,” pleaded the subreddit moderator.
According to multiple reports, exchanges such as Coinbase, GDAX, Gemini, Bitstamp, Kraken, Bitfinex, and others had issues with their websites during the day. Traders complained of downtime during the dip, margin trading liquidations, and flash crashes. For instance, the trading platform Gemini has a whole page report on multiple issues of “degraded performance” during the day.
“We have received a few messages where customers see a ‘504 Gateway Time-out’ message,” explains the exchange status page.
We are implementing a mitigation fix due to an enormous influx of web traffic. We are monitoring and will let you all know once we are back up and running. Thank you for your ongoing patience.