Coinbase trading volume saw a significant spike during the ongoing market crash. In the last 24 hours, the trading volume of the exchange surged massively to mark record highs due to the extreme volatility caused by the Coronavirus market turmoil.
Chief executive officer of Coinbase, Brian Armstrong, said that the market is undergoing phases of extreme volatility as Coronavirus rips through the fragile economies of both developed and developing countries. Coinbase processed $2 billion worth of crypto trading orders last Thursday and Friday. Also, the traffic on the exchange rose by 50 percent last Thursday.
Armstrong shares that Coinbase trading volume spiked since it remained operational despite the extreme volatilities. Other platforms experienced service outages, and performance issues, while Coinbase stood tall and served its customers. He added that the exchange had suitable arrangements in place for such scenarios.
Coinbase trading volume spike indicates upcoming market turmoil
Armstrong adds that the extensive measures deployed to safeguard the Coinabse users from such market volatilities have performed well. The stability of the platform allowed users to undertake trading activities safely. Traditional, as well as crypto equity trading, experienced increased volume. He credited the success to the technical team at Coinbase.
Coinbase’s Jesse Pollack said that the platform prepared for such eventualities after the 2017 bull run in the crypto market. The matching engine of the platform and the APIs were tuned for performance. Horizontal scaling is another highlight of Coinbase’s technical prowess. The database was tuned in to power reads without causing write disruptions. Simultaneous operations such as data operations and trading activities were enabled to power through such tough times.
Coinbase stands tall amidst the COVID-19 market scare
The COVID-19 has sparked a remote-work trend. So, on-site troubleshooting is getting complicated. Pollack said that Coinbase staff is also working remotely in response to the Coronavirus. However, the platform has been optimized to ensure the trading is not disrupted. Automated alarms, circuit breakers, and traffic spikes were monitored closely.
Coinbase trading volume spike displays the resilience of the team to tackle such issues. Teams were ready to be deployed remotely in case anything goes downhill.