Increased demand for Bitcoin among the investor and cryptocurrency community has led to Coinbase experiencing a few difficulties. The cryptocurrency trading and wallet platform experienced outages which have been attributed to a huge demand for Bitcoin in the Asian countries. Which also drove the price to extraordinary levels.
Since the beginning of 2017, Bitcoin has become an attractive financial asset, following a better than expected performance in terms of its value.
The cryptocurrency has experienced a couple of setbacks, but it has risen to new levels at the same time.
At the moment, most of the demand for Bitcoin and other cryptocurrency is rumoured to be originating from Japan, China and South Korea.
The impact on the global cryptocurrency market is from the increased interest reflected in the trading volume of BTC/USD and BTC/JPY pairs.
The increased strain on Coinbase saw people experiencing downgraded performace and frequent outages. Coinbase recently announce on Twitter:
“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.”
The initial rise in demand was accredited to Bitcoin’s recently attained legal status in Japan, but now new countries are joining, it might lead to a further increase in demand.
Based on the recent growth in Japan, South Korea and India could soon emerge as the driving forces behind Bitcoin prices once the pressure from Japan levels out.
It has been speculated that South Korea will follow Japan in legalising the popular cryptocurrency. Whilst the Indian government is also thinking on the possibility of implementing the Bitcoin regulations.
If it were to happen in the near future, Bitcoin may witness a huge development in its price trend, making the 10,000 USD a reality. If that was to happen, it isn’t just Coinbase that would feel the heat, but almost every exchange platform across the world.