After a two-hour outage that stopped trading on its website and mobile app, cryptocurrency exchange Coinbase said that some of its services were back up and running.
While Coinbase said in an update on May 14 that it had restored “some services,” customers were warned that they “may still be encountering connectivity problems.” Two hours before the statement, the exchange first reported a “system-wide outage,” reassuring customers that the problem was being investigated.
The problems were said to have started on May 13 at around 11:19 p.m. PDT. Exchange told users that some may have problems moving funds, but they didn’t give any more information.
Coinbase’s Cause of Outage Remains Unclear
Coinbase’s status page says the problem has been fixed since the most recent update. But it’s still not clear what caused the two-hour failure. When the market is unstable, or there is a lot of traffic on the blockchain network, centralized crypto sites often go offline.
This is not the first time that Exchange has had technical issues. In March, some users had problems with their accounts, showing they had no funds. Notably, according to Bloomberg, this event happened at the same time that Bitcoin prices rose to all-time highs.
Unlike previous outages, this one was caused by a technical problem on Coinbase’s back end. According to CoinGecko, major cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) haven’t changed much in the last 24 hours, with changes of +0.31% and -0.44%, respectively.
