Coinbase Crashes Following Bitcoin Pump: What Happened?
Cryptocurrency exchange Coinbase has seemingly crashed following Bitcoin's pump. The company has told users it's investigating the issue. Once again, the exchange Coinbase, has experienced an unexpected service outage. As in previous instances, the service interruption coincided with significant Bitcoin price movement.
Coinbase, one of the leading Bitcoin and cryptocurrency exchanges, experienced a significant outage today as Bitcoin's price soared, leaving many users unable to access their accounts. Major U.S. crypto exchange, Coinbase, and its professional trading platform, Coinbase Pro, recently went down for the count during a hectic pump day for Bitcoin (BTC).
Coinbase Outage Details
The Coinbase crashes following Bitcoin pump have become a recurring concern for users. Many reported being unable to log in, view balances, or execute trades during the peak of the Bitcoin surge.
Coinbase CEO Brian Armstrong attributed the outage to a “large surge of traffic” overwhelming the exchange’s infrastructure. The sudden influx of users attempting to trade likely contributed to the platform's instability.
COINBASE: YOUR ASSETS ARE SAFE
Coinbase has reassured users that their assets are secure, despite the ongoing issues.
COINBASE: TEAM IS INVESTIGATING ISSUE & WILL PROVIDE UPDATE
The Coinbase team is actively working to resolve the outage and promises to keep users informed about the progress.
COINBASE: AWARE SOME
Coinbase acknowledged that some users are experiencing difficulties and are focused on restoring full functionality as quickly as possible.
Why Do Coinbase Crashes Happen During Bitcoin Pumps?
The primary reason for Coinbase crashes during Bitcoin pumps is the increased load on their servers. As Bitcoin's price rapidly increases, a massive influx of users rush to the platform to buy, sell, or check their holdings, overwhelming the system's capacity. This highlights the challenges faced by cryptocurrency exchanges in scaling their infrastructure to handle peak demand during periods of high volatility.