Continuing the pattern established over the years, leading U.S. crypto exchange Coinbase revealed on Tuesday that some users were encountering errors during transactions. This update, posted around 3pm EST, came shortly after the company announced the resolution of previous intermittent transaction failures.
These technical issues emerged following a surge in the price of Bitcoin to a new all-time high, which subsequently triggered liquidations and sell-offs. During the frenzied buildup to this milestone, Coinbase was addressing availability issues overnight, as indicated in a status note posted fifteen hours earlier.
In a late Monday disclosure, Coinbase acknowledged that some users might face intermittent errors in trading, deposits, and withdrawals on Coinbase.com. In case of a failure, users were advised to retry their transactions. The outage was notably detected by Downdetector, a third-party monitoring service, with user reports of Coinbase outages peaking simultaneously with Coinbase’s status update.
Historically, the Coinbase exchange has faced challenges during Bitcoin rallies, when interest in the leading cryptocurrency surges across the industry. The frequency of Coinbase crashes during such periods has led many to view them as indicators of an official Bitcoin bull run.
While it is understandable that crypto services and infrastructure may experience strain during Bitcoin bull markets, widespread system outages like those experienced by Coinbase are rare. Although competitive exchanges like Kraken and Binance have reported incidents coinciding with the current crypto frenzy, they have been relatively isolated.
This ongoing situation will be monitored closely, and any new developments will be promptly shared.
