Coinbase Faces Technical Probe Amid Crypto Market Plunge
Crypto prices fell after the split, with Bitcoin down 1.8% to $61,975 and Ether down 1.4% to $2,913 as recorded at 3:11 pm in Singapore on Tuesday. The outage at Coinbase disrupted trading through its website and mobile app. Such outages are not uncommon in the digital asset sector, often occurring during blockchain network traffic surges or other technical issues, and reflect the weakness of exchanges in the cryptocurrency market.
Coinbase Global Inc., U.S. the largest crypto exchange, is facing a system outage. The company notified users on its website at 12:19 pm Singapore time on Tuesday, assuring them that their funds were safe.
More than two hours later, Coinbase said in an update that it was “looking to recover some services” but was still working to resolve the issue, adding that customers could still receive “contact issues”. Crypto prices have fallen since the start of the shutdown.
The largest cryptocurrency, bitcoin, was trading at $61,975 as of 3:11 pm in Singapore on Tuesday, down 1.8% for the day, while ether fell about 1.4% to trade at $2,913.
Coinbase’s website indicated that the outage disrupted trading on the exchange’s website and mobile app. Exchanges are fundamental to the world of digital assets but have declined dramatically over the years as blockchain networks become subject to traffic or other technical issues.
In March, the exchange also experienced technical issues that left some users’ accounts with zero balances. That mistake coincided with an increase in the price of Bitcoin to a record high a few weeks later.
A spokesperson for Coinbase directed Bloomberg to do a post about the status of the exchange at X. Coinbase shares were little changed in pre-sale trading. The stock has risen around 15% so far this year.
Conclusion: As the investigation continues, stakeholders will closely monitor the outcome and potential impact on Coinbase’s reputation and the broader crypto industry. In an environment where trust and confidence are paramount, how Coinbase navigates this technological insight will undoubtedly shape its future.
