tl;dr
Coinbase, a top U.S. crypto exchange, faced technical troubles as the price of Bitcoin surged and then collapsed, leading to intermittent transaction errors and availability issues. Widespread system outages like those reported by Coinbase are uncommon in the crypto industry, with competitors like K...
Coinbase, a top U.S. crypto exchange, faced technical troubles as the price of Bitcoin surged and then collapsed, leading to intermittent transaction errors and availability issues. Widespread system outages like those reported by Coinbase are uncommon in the crypto industry, with competitors like Kraken and Binance reporting limited incidents coinciding with the crypto storm. Additionally, the price of Coinbase stock climbed 80% over the past month but fell 6% in the last 24 hours.
Continuing a trend established years ago, top U.S. crypto exchange Coinbase disclosed Tuesday that “some users may be experiencing errors when transacting” as the price of Bitcoin peaked and collapsed. These latest technical troubles come hours after the price of Bitcoin surged to a new all-time high, leading to liquidations and sell-offs. The industry-wide frenzy and related headlines draw heavy interest from retail investors using services like Coinbase. While Coinbase has regularly struggled during Bitcoin rallies, widespread system outages like those reported are uncommon, contrasting with limited incidents reported by competitors like Kraken and Binance. Coinbase has an estimated 110 million monthly active users, with Binance slightly larger at 128 million, and Kraken has an estimated 9 million monthly active users. The price of Coinbase stock (NASDAQ:COIN) has seen a similar rise and fall trajectory, climbing 80 percent over the past month but falling 6% over the past 24 hours.
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