Coinbase Traffic Surges During Market Collapse

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Crypto exchange Coinbase revealed it processed $2 billion worth in crypto during the crypto market collapse on March 12 – 13, 2020, when Bitcoin flash crashed from $8,000 – $4,000 in two days. This is a record volume for Coinbase, which previously saw $394 million in volume before the crash.

CEO Brian Armstrong said that while other exchanges were experiencing outages at that time, Coinbase remained operational. He credited the work of the Coinbase team, who were preparing for a crisis for some years now, since the 2017 bull run, to be exact. He specifically credited the engineering team. In an interview with Coindesk, Coinbase said some of the work included horizontal scaling which enables the exchange to view data stored on its servers while also adding data at the same time, all this while the entire operation does not slow down.

The market crash on March 13, 2020 coincided with the same thing happening in traditional markets. The markets have been on the downturn recently as countries struggle to contain the COVID-19 pandemic.

Sources: Coindesk, Bitwise

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