Thomas Daniels
Coinbase, a leading cryptocurrency exchange based in the United States, has announced the restoration of some services following a significant system-wide outage that temporarily halted trading activities across its website and mobile application. The issue, initially reported on May 14, resulted in restricted access for numerous users, who experienced difficulties connecting to the platform.
Approximately two hours after first acknowledging the disruption, Coinbase conveyed through an update that while services were partially restored, some users might still face connectivity issues. The initial incident, occurring at approximately 21:19 PDT on May 13, was reported on Coinbase’s status page, indicating that users could encounter errors when attempting to send funds. However, specifics regarding the cause of these failures were not provided.
As of the latest update, the Coinbase status page has declared the incident resolved, though the exact reasons behind the two-hour outage remain undisclosed. Typically, centralized cryptocurrency exchanges like Coinbase suffer downtimes due to market volatility spikes or surges in blockchain network traffic.
A previous technical hiccup in March saw similar disruptions, with Coinbase users witnessing zero balances in their accounts during a Bitcoin surge, as noted by Bloomberg. This incident underscored the susceptibility of crypto trading platforms to technical setbacks amid market fluctuations.
Contrastingly, the recent outage appears to stem from internal technical issues within the exchange’s infrastructure, as market data from CoinGecko shows minimal movement in major cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH), with changes of +0.31% and -0.44% respectively over the past 24 hours.
