Coinbase is the US-based largest cryptocurrency exchange that has faced a major outage affecting its entire system, rendering services unavailable for users on both desktop and mobile platforms. This disruption started at 4:15 am UTC on May 14, leading to widespread irritation among those attempting to access their accounts or execute transactions.
Currently, those accessing the Coinbase website encounter a “503 Service Temporarily Unavailable” error. This error usually means the servers are under maintenance or overloaded by too much traffic. This outage highlights the crucial reliance of users on the stable operation of the exchange.
At the same time as these problems were revealed, the price of Bitcoin took a downturn, dropping over a thousand dollars in a matter of minutes. While these problems may not be directly connected, it’s safe to assume that troubles with the leading US crypto exchange could influence the price fluctuations of bitcoin.
Coinbase’s Rapid Action and Reassuring Users
Following the system-wide outage, Coinbase Support team quickly reached out to its users via its official X Account. Today, Coinbase Support team notified its users of the outage, stating they were working on identifying and fixing the problem. They also assured users that their funds were safe, despite the temporary inability to access the platform.
We think that Coinbase’s quick acknowledgment and transparency regarding the issue play key roles in managing user expectations and preserving trust in the platform during these interruptions.
Coinbase is experiencing a system wide outage. We are investigating this issue and working on a solution. Please see https://t.co/a3pl4WiDhZ for updates. Your funds are safe.
— Coinbase Support (@CoinbaseSupport) May 14, 2024
According to CoinMarketCap, Bitcoin experienced a rapid decrease, dropping from $62,500 to $61,450 within minutes. Additionally, Bitcoin has seen a significant reduction, falling by $2,000 from yesterday’s peak, which was at $63,400.
Also Read: Bitcoin Price Signals Bearish Trend, Reasons Why BTC Could Drop Below $60K
Disclaimer
The information in this article should not be considered financial advice, and the OvenAdd platform is intended only to provide educational and general information. Please conduct your own research and consult a financial advisor before making any investment choices.
