Angry Coinbase customers slammed the cryptocurrency buying and selling app after it crashed once more on Tuesday (Mar.5), the identical day Bitcoin hit a brand new all-time excessive value of $69,000 after over two years of ready.
At 3:44pm ET, Coinbase posted on Twitter: “We are aware that some users may be experiencing errors when transacting. Our team is investigating this issue and will provide an update shortly. Your assets are safe.”
We are conscious that some customers could also be experiencing errors when transacting. Our group is investigating this challenge and can present an replace shortly. Your property are secure.
— Coinbase Support (@CoinbaseSupport) March 5, 2024
The outage comes simply six days after a earlier incident the place clients of the world’s second largest crypto change reported seeing a zero steadiness of their accounts, regardless of Bitcoin spiking in worth on February twenty eighth.
This time round, as Bitcoin soared to a file excessive of $69,200 round 10am ET on Tuesday, surpassing its earlier peak from November 2021, many merchants had been left unable to purchase or promote.
Is Coinbase down?
Frustrated Coinbase customers voiced their anger on X. One buyer wrote: “We can’t buy and we can’t sell and my accounts not being credited sales that went through.”
Coinbase responded to a different person’s criticism: “We understand that this is not an ideal experience. Although we don’t have an estimated time to resolution, rest assured that our team is working on getting everything back to normal as soon as possible.”
At 4:27pm ET, Coinbase offered an replace stating: “We are seeing recovery in customer transactions. Advanced Trade API users may see increased throttling while we experience increased trade volume.” However, stories of continuous points endured after that.
Customer transactions have totally recovered, we’ll proceed to watch exercise. Advanced Trade API customers could proceed to see elevated throttling whereas we expertise elevated commerce quantity. https://t.co/dOWxljnSvX
— Coinbase Support (@CoinbaseSupport) March 5, 2024
After initially climbing, Bitcoin’s value tumbled, hitting a low of $60,793 within the early afternoon earlier than recovering considerably to commerce round $62,780 at 3:30pm ET, nonetheless down almost 7% from its highs.
The launch of spot Bitcoin exchange-traded funds (ETFs) within the United States is extensively seen because the catalyst that fueled the newest cryptocurrency bull run, with institutional investor demand and cash flows into these funds exceeding even essentially the most optimistic projections.
Featured picture: Ideogram