• About
  • Advertise
  • Contact
Cryptopolitan
  • Home
  • News
    • All
    • Altcoin News
    • Binance News
    • Bitcoin Cash News
    • Bitcoin News
    • Blockchain News
    • Cardano News
    • ChainLink News
    • Cyber Security News
    • Dogecoin News
    • EOS News
    • Ethereum News
    • Exchange News
    • Industry News
    • Litecoin News
    • Monero News
    • Polkadot News
    • Regulation News
    • Research News
    • Ripple News
    • Scam News
    • Token Sale
    • Tron News
    MicroStrategy

    MicroStrategy buys more Bitcoin yet again

    digital dollar currency

    Digital dollar currency set to launch in Canada

    Binance Coin price

    Binance Coin price: BNB recovers $250, what’s next?

    Crypto

    Cryptocurrency is not a legal tender in Nigeria- CBN Governor

    crypto ban

    Crypto ban: Hong Kong considers banning small-scale Bitcoin investments

    How ethbox Can Help Generate Passive Income 1

    How ethbox Can Help Generate Passive Income

    Bitcoin

    Bitcoin price recovers above $50,000 as Square buys $170M worth of BTC

    China is jointly exploring a cross-border digital currency project

    China is jointly exploring a cross-border digital currency project

    PDAX

    PDAX exchange glitch allows user to buy Bitcoin for $6,000

    Trending Tags

    • Fintech
    • Bitcoin Industry
    • Stock Market
    • Digital Currency
    • Bitcoin
    • Altcoin
    • Blockchain
    • Binance
    • Security
    • Ripple
    • Litecoin
    • Ethereum
    • Dogecoin
    • Cardano
    • Tron
    • Token Sale
    • Industry
    • Exchange
    • Polkadot
    • ChainLink
  • Guides
  • Regulation
  • Price Index
    • Bitcoin Price
    • Ethereum Price
    • Ripple Price
    • Bitcoin Cash Price
    • Chainlink Price
    • Litecoin Price
    • Polkadot Price
    • Cardano Price
    • Binance Coin Price
    • Stellar Price
    • EOS Price
    • Tron Price
    • Monero Price
    • Dash Price
    • IOTA Price
    • Dogecoin Price
    • Altcoin Price
    • Sushi Price
    • Uniswap Price
  • Research
  • Scam
  • Events
No Result
View All Result
Cryptopolitan
  • Home
  • News
    • All
    • Altcoin News
    • Binance News
    • Bitcoin Cash News
    • Bitcoin News
    • Blockchain News
    • Cardano News
    • ChainLink News
    • Cyber Security News
    • Dogecoin News
    • EOS News
    • Ethereum News
    • Exchange News
    • Industry News
    • Litecoin News
    • Monero News
    • Polkadot News
    • Regulation News
    • Research News
    • Ripple News
    • Scam News
    • Token Sale
    • Tron News
    MicroStrategy

    MicroStrategy buys more Bitcoin yet again

    digital dollar currency

    Digital dollar currency set to launch in Canada

    Binance Coin price

    Binance Coin price: BNB recovers $250, what’s next?

    Crypto

    Cryptocurrency is not a legal tender in Nigeria- CBN Governor

    crypto ban

    Crypto ban: Hong Kong considers banning small-scale Bitcoin investments

    How ethbox Can Help Generate Passive Income 2

    How ethbox Can Help Generate Passive Income

    Bitcoin

    Bitcoin price recovers above $50,000 as Square buys $170M worth of BTC

    China is jointly exploring a cross-border digital currency project

    China is jointly exploring a cross-border digital currency project

    PDAX

    PDAX exchange glitch allows user to buy Bitcoin for $6,000

    Trending Tags

    • Fintech
    • Bitcoin Industry
    • Stock Market
    • Digital Currency
    • Bitcoin
    • Altcoin
    • Blockchain
    • Binance
    • Security
    • Ripple
    • Litecoin
    • Ethereum
    • Dogecoin
    • Cardano
    • Tron
    • Token Sale
    • Industry
    • Exchange
    • Polkadot
    • ChainLink
  • Guides
  • Regulation
  • Price Index
    • Bitcoin Price
    • Ethereum Price
    • Ripple Price
    • Bitcoin Cash Price
    • Chainlink Price
    • Litecoin Price
    • Polkadot Price
    • Cardano Price
    • Binance Coin Price
    • Stellar Price
    • EOS Price
    • Tron Price
    • Monero Price
    • Dash Price
    • IOTA Price
    • Dogecoin Price
    • Altcoin Price
    • Sushi Price
    • Uniswap Price
  • Research
  • Scam
  • Events
No Result
View All Result
Cryptopolitan
No Result
View All Result
Home News Exchange News

ETH fee spike responsible for delayed withdrawals from Coinbase

Kamsi King by Kamsi King
August 3, 2020
in Exchange News
2 min read
ETH fee spike
585
SHARES
3.2k
VIEWS
Share on FacebookShare on Twitter

Coinbase blamed the ETH fee spike for the malfunction of its systems, thereby causing a dragged performance. It should be recalled that Ethereum was one of the digital assets that witnessed a massive surge in prices before it suffered a decline yesterday.

During the time, Coinbase said clients on their platforms were not able to make transactions due to the surge in transaction fees. The firm has clarified that its staff was monitoring transaction fees so that clients are not overcharged for transactions as a result of the ETH fee spike.

Coinbase suffers delayed withdrawal as a result of the ETH fee spike

The crypto exchange outfit said it discovered that the transaction fee on the Ethereum network was high when its staff was monitoring respective networks, which caused the delayed withdrawals from Coinbase.

RelatedPosts

PDAX exchange glitch allows user to buy Bitcoin for $6,000

Binance takes ETH withdrawals offline again, cites network congestion

Lightning DEX performs the first BTC to USDT swap on DEX

OKCoin plans to delist BCH and BSV

The sharp movements of the token’s price led to a massive amount of transactions left unattended to which caused a delay in withdrawal, Coinbase said. 

While giving their full explanation of why their clients witnessed a delay in withdrawal on their platform, Coinbase was quick to point out some facts.

The firm noted that they, along with most exchange firms, use the same algorithm to determine the fees charged for making transactions.

The firm said that while those who withdrew their assets suffered delays, those who deposited also witnessed delay, which was also caused by the ETH fee spike.

Coinbase database needs improvement despite database change

Coinbase, in another statement, said while it noted that of Ethereum, some other digital assets like Chainlink and USDC also witnessed the ETH fee spike in transactions.

This will not be the first time that Coinbase would suffer from a lagging system as a result of the volatility in the market. It was also experienced on March 12, when the market witnessed a massive crash.

As a result of that, Coinbase introduced what they called “transaction batching” to reduce the strain on the network. After that, the platform still witnessed another system lag in the months that followed the Black Thursday.

Reportedly, Coinbase suffered the lags in times that the market witnessed high volatility, which happened in April with the next one coming close in May.

After those three close events, the firm announced that they already made plans to switch to a database that would help them tackle the problem. With the recent problem as a result of the ETH fee spike, the firm still has a lot of work on their hands.

Tags: Coinbase
Kamsi King

Kamsi King

King Kamsi is a fintech and digital currency writer and enthusiast. He is keenly interested in blockchain and cryptocurrency and their global adoption. When not busy with writing, he can be found hobnobbing in forums with the best minds in crypto, both developers and startup founders.

Related Posts

PDAX
Exchange News

PDAX exchange glitch allows user to buy Bitcoin for $6,000

February 24, 2021
Binance
Exchange News

Binance takes ETH withdrawals offline again, cites network congestion

February 23, 2021
Lightning DEX
Exchange News

Lightning DEX performs the first BTC to USDT swap on DEX

February 21, 2021

Follow Us

  • 40.9k Fans
  • 8.3k Followers

Latest News

MicroStrategy

MicroStrategy buys more Bitcoin yet again

February 24, 2021
digital dollar currency

Digital dollar currency set to launch in Canada

February 24, 2021
Binance Coin price

Binance Coin price: BNB recovers $250, what’s next?

February 24, 2021
Crypto

Cryptocurrency is not a legal tender in Nigeria- CBN Governor

February 24, 2021
crypto ban

Crypto ban: Hong Kong considers banning small-scale Bitcoin investments

February 24, 2021

Signup To The Daily Roundup

Get New Posts By Email:
Privacy Policy

Got a Story tip? Email Contact@Cryptopolitan.com

News

Guides
Bitcoin News
Blockchain News
Ethereum News
Industry News
Research News
Scam News
Regulation News
Exchange News
Bitcoin Price
Ethereum Price
Bitcoin Cash Price
Cardano Price
Dash Price

Stay Connected

Facebook
Twitter
Telegram
Youtube

Company

About
Contact
Write for us
Advertise with us
Privacy Policy
Cookie Policy
Comment Policy
Editorial Policy
Terms and Conditions
Crypto Portfolio Tracker

Exclusive Partners of

Footer 3

Got a Story tip? Email Contact@Cryptopolitan.com

cryptopolitan 1

News

Guides
Bitcoin News
Blockchain News
Ethereum News
Industry News
Research News
Scam News
Regulation News
Exchange News
Bitcoin Price
Ethereum Price
Bitcoin Cash Price
Cardano Price
Dash Price

Stay Connected

Facebook
Twitter
Telegram
Youtube

Company

About
Contact
Write for us
Advertise with us
Privacy Policy
Cookie Policy
Comment Policy
Editorial Policy
Terms and Conditions
Crypto Portfolio Tracker

Cryptopolitan brings you quality Blockchain and Cryptocurrency news, ICO reviews, crypto technical analysis, and other unique news insiders. We cover Bitcoin news, altcoins news, blockchain projects news, ICO news, regulatory developments and the confluence of news on the leading blockchain technologies.

© 2021 Cryptopolitan. All rights reserved. Terms | Privacy

No Result
View All Result
  • Home
  • News
    • Bitcoin
    • Altcoin
    • Blockchain
    • Binance
    • Security
    • Ripple
    • Litecoin
    • Ethereum
    • Dogecoin
    • Cardano
    • Tron
    • Token Sale
    • Industry
    • Exchange
    • Polkadot
    • ChainLink
  • Guides
  • Regulation
  • Price Index
    • Bitcoin Price
    • Ethereum Price
    • Ripple Price
    • Bitcoin Cash Price
    • Chainlink Price
    • Litecoin Price
    • Polkadot Price
    • Cardano Price
    • Binance Coin Price
    • Stellar Price
    • EOS Price
    • Tron Price
    • Monero Price
    • Dash Price
    • IOTA Price
    • Dogecoin Price
    • Altcoin Price
    • Sushi Price
    • Uniswap Price
  • Research
  • Scam
  • Events

Copyright © 2020 Cryptopolitan.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.