Coinbase confirmed that they are experiencing a system-wide outage. The service outage appears to have caused a small drop in the cryptocurrency market as users complained that they were unable to trade assets.
Coinbase confirms outage
They are investigating this issue and developing a solution to keep users’ funds safe.
The trading platform has recently announced that it is now fully restored. Finally, the company thanks customers for their patience and apologizes for the inconvenience.
A few hours after confirming the outage, the platform informed that they are seeing some services being restored. It added that customers may still experience connectivity issues. However, Coinbase would like to thank users for their patience while they are still working to correct the issue.
According to customer complaints, Coinbase users are facing failures when sending cryptocurrencies or withdrawing fiat currencies. The platform is still working on resolving this issue to fix the problem.
What happened in the market?
Due to the comprehensive outage of Coinbase's system, the global digital asset market has seen a sharp drop. The price of Bitcoin (BTC) fell directly from the $62,700 level to the $61,500 level. This decline continues to increase the selling pressure in the market.
Despite the blow, BTC price has risen slightly in the past 24 hours. However, Bitcoin price is still behind the 5% drop recorded in the past 30 days. At press time, the largest cryptocurrency is trading at an average price of $61,889. Its 24-hour trading volume is up 57% to $28.7 billion. Its market capitalization is $1.2 trillion.
The global cryptocurrency market is still rising over the past day, with a total market capitalization of $2.277 trillion. The cumulative 24-hour trading volume increased by 50% to $71.82 billion. However, with the recent decline, the Fear and Greed Index has now dropped to a neutral 55 points.
Ethereum also fell due to the outage. The ETH price continues to trade below the $2,800 level. At press time, its average trading price is $2,913. Its 24-hour trading volume has increased by 40% to $12.3 billion.
(Personal opinion, not a recommendation)
If you like it, please follow us for more articles.
Thanks for reading! See you next time!
