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Coinbase outage hampers Bitcoin trading amid price swings
Coinbase, the largest U.S. cryptocurrency exchange, suffered a system-wide outage on Tuesday, cutting off user access as Bitcoin prices fluctuated.
The outage, which impacted both the website and mobile app, presented users with the “503 Service Temporarily Unavailable” error.
Coinbase announced a full recovery after about four hours.
The timing of the outage was particularly problematic for traders, as it coincided with notable changes in the price of Bitcoin and raised concerns about Coinbase’s ability to handle spikes in user activity.
I CAN’T SELL MY COIN, I WILL LOSE MONEY
—artifex (@artifexmort) May 14, 2024
This is not the first time Coinbase has faced such issues; Previous outages have occurred during high trading volumes.
In addition to technical difficulties, Coinbase 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, and clearing house, has sufficient merit to proceed.