Bitcoin
Coinbase outage hampers Bitcoin trading amid price swings
The largest U.S. cryptocurrency exchange Coinbase suffered a system-wide outage on Tuesday, cutting off user access amid fluctuating Bitcoin prices.
The outage, affecting the website and mobile app, presented users with a “503 Service Temporarily Unavailable” error.
Coinbase announced a full recovery after about four hours.
The timing of the outage was particularly problematic for traders, coinciding with notable changes in Bitcoin prices and raising concerns about Coinbase’s ability to manage spikes in user activity.
I CANNOT SELL MY CURRENCY I’M LOSING MONEY
— arti fex (@artifexmort) May 14, 2024
This is not the first time Coinbase has faced such problems; Previous outages have occurred during high trading volumes.
In addition to technical difficulties, Coinbase has faced other challenges, including legal scrutiny.
A U.S. District Court judge recently ruled that the Securities and Exchange Commission’s (SEC) lawsuit against Coinbase, which alleges the exchange operates as an unregistered securities exchange, broker-dealer and clearing agency, has sufficient merit to proceed.