Coinbase was down for over an hour amid massive cryptocurrency drop – fr

Coinbase was down for over an hour amid massive cryptocurrency drop – fr

The Coinbase cryptocurrency exchange experienced a “partial” outage this morning for its entire site and app. Additionally, Coinbase and Binance are reporting issues specifically focused on Etherium and ERC-20 token withdrawals this morning due to “network congestion.”

“We are seeing issues on Coinbase and Coinbase Pro and we are aware that some features may not work quite normally. We are currently investigating these issues and will provide updates as soon as possible, ”Coinbase commented in a statement.

The outage, which lasted for about an hour and a half, appears to have been resolved now, with Coinbase’s status page stating that “A fix has been implemented and we are monitoring the results. “

The outage came amid a massive drop in cryptocurrency over the past week – and particularly the past 24 hours – which has seen the price of some of the most popular cryptocurrencies like Bitcoin, Etherium and Dogecoin precipitously drop. At the time of publication, Bitcoin has fallen almost 30% to $ 31,000, Ethereum is down 40% to $ 2,424, and the Dogecoin coin has fallen almost 45%.

In its S-1 filing, Coinbase specifically noted that “sudden changes in volatility or market movement can put extreme pressures on our platform and infrastructure, which can result in inadvertent suspension of services on certain parts. of the platform or on the whole platform. ”

Update May 19, 10:45 am: Update to note that Coinbase appears to have fixed the outage.


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