Cryptocurrency exchange Coinbase is experiencing a system-wide outage. According to an official statement from Coinbase Support on the social media platform X, the company is actively investigating the issue to identify a resolution.
Currently, users attempting to access the exchange’s website are encountering a “503 Service Temporarily Unavailable” message. For the latest updates, they are encouraged to visit the official website at status.coinbase.com. Coinbase has also reassured users that their funds remain secure.
In the latest update, the company stated, “We’re seeing some services recover. We know customers may still be encountering connectivity problems and we appreciate your patience while we work to correct this. We’re still monitoring this closely.”
Coinbase serves as a platform that allows users to buy, sell, and store cryptocurrencies, as well as non-fungible tokens (NFTs). The exchange operates in over 100 countries. With a selection of over 10,000 assets, it serves both beginners and advanced traders, offering cryptocurrencies encompassing Bitcoin and Ethereum, as well as lesser-known but in-demand options.
In addition to being the most popular cryptocurrency exchange in the United States, Coinbase also serves as the institutional custodian for many of the spot Bitcoin exchange-traded funds (ETFs) currently available, including the one offered by investment company BlackRock.
Coinbase is experiencing a system wide outage. We are investigating this issue and working on a solution. Please see https://t.co/a3pl4WiDhZ for updates. Your funds are safe.
— Coinbase Support (@CoinbaseSupport) May 14, 2024
We're seeing some services recover. We know customers may still be encountering connectivity problems and we appreciate your patience while we work to correct this. We're still monitoring this closely. https://t.co/AAzEMPaJGL
— Coinbase Support (@CoinbaseSupport) May 14, 2024
Coinbase Encounters Technical Issues During Heavy Trading Periods
The cryptocurrency exchange previously experienced a temporary technical issue in March. During a period of heavy trading, the platform encountered problems, including displaying a $0 account balance for some users. A week prior to this issue, another incident occurred where several United States users of the exchange reported seeing their account balances as $0 while trading Bitcoin. This service disruption happened a few hours after Bitcoin’s price abruptly dropped from $64,000 to $60,000.
Coinbase CEO Brian Armstrong commented on the incident, stating that the platform had anticipated a traffic surge of up to 10 times its usual volume, but the actual demand exceeded that expectation. He also noted the cost implications of maintaining an over-provisioned service and emphasized the company’s ongoing commitment to enhancing auto-scaling solutions and resolving any remaining difficulties.
At the time of writing, the price of Bitcoin seems unaffected by the issue and is trading above $61,635, according to CoinMarketCap data, reflecting an increase of nearly 0.5% over the past 24 hours.
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