Cryptocurrency Platforms Struggle With Demand From WallStreetBets Fervor

Cryptocurrency Platforms Struggle With Demand From WallStreetBets Fervor

A swell of cryptocurrency trading coincided with a major bitcoin exchange outage and led to curbs on other platforms, mirroring the difficulties traditional brokers have had with a frenzy of stock-market activity.

Digital-currency exchange website Coinbase Global Inc. said it was investigating an outage Friday that prevented customers from trading on its web and mobile apps. Another exchange, Bittrex Global Gmbh, said an increase in traffic created technical problems on its platform.

Coinbase later said that trading was back up and that it was monitoring for further issues. Spokespeople for Coinbase didn't immediately respond to a request for comment. Bittrex declined to comment.

Bitcoin rallied 11% Friday, with one bitcoin worth $35,664. The most popular cryptocurrency has risen sharply over the past year, winning converts from investors worried that central banks and governments, in their efforts to counter the economic effects of the coronavirus, risk devaluing fiat currencies.

Robinhood Markets Inc., which is under fire for suspending trading of