Coinbase experiences another outage due to high traffic, assuring users' funds are secure despite visible issues.
Once again, on Monday, Coinbase experienced a system outage as the crypto market underwent another day of extreme volatility, marking the exchange's second breakdown due to high traffic volumes in a fortnight.
At precisely 12:36 pm EST, Coinbase noted on its status page that it was encountering degraded service levels. Similar to the incident the previous week, numerous Coinbase customers observed their account balances drop to zero.
We are aware some users may experience increased latency across https://t.co/ohqDivlp6Y and a few users may see intermittent zero balance. Rest assured, your funds are safe. Our team is investigating this issue and will provide an update. Trading is not affected at this moment.
— Coinbase Support (@CoinbaseSupport) March 4, 2024
"A limited number of users might notice sporadic zero balances in their Coinbase accounts and experience delays when accessing different pages," noted Coinbase’s status update, highlighting that trading operations were still ongoing.
"We are currently looking into the problem and will issue an update soon. Your investments are secure," assured Coinbase.
By 1:21 pm EST, Coinbase announced that a solution had been applied and they were monitoring the results.
"Thank you for your patience," Coinbase communicated via Twitter. "We are noticing improvements in response times and transfer completions. Your funds are secure."
Coinbase turned down a request for additional comments from Decrypt, directing to the updates provided on Coinbase’s Twitter account instead.
It's not uncommon for cryptocurrency exchanges like Coinbase to suffer from service disruptions during periods of significant Bitcoin activity, leading to a spike in user numbers and trading volumes.
For some, Coinbase's frequent technical issues amid market highs serve as an optimistic signal for the market's direction.
BULL MARKET CONFIRMED
— Javier ₿astardo 🍐🏴☠️ (@criptobastardo) March 4, 2024
However, the platform has faced disruptions not only during peaks but also amidst downturns in the market. For instance, in May 2021, both Coinbase and Binance were offline as the crypto market took a nosedive.