Furious Coinbase users have slammed the trading app after it went down AGAIN – on the day Bitcoin hit an all-time high after a two-year wait.
The company posted on X at 3.44pm EST: ‘We are aware that some users may be experiencing errors when transacting. Our team is investigating this issue and will provide an update shortly. Your assets are safe.’
It comes six days after horrified Coinbase users shared their shock at discovering their accounts on the crypto trading app had a zero balance – when Bitcoin had spiked on February 28.
As Bitcoin today hit an all-time high but then quickly slumped 10 per cent, crypto traders were looking to ‘buy the dip’ – while others took profits.
On Coinbase customer wrote to the company on X: ‘You are a disaster. Can’t explain how you are not prepared for high traffic. The cost of missing these dips should be your responsibility.’
Coinbase tweeted about the problem at 3.44pm EST but users had problems before then. They could not buy or sell Bitcoin
Coinbase users were unable to trade Tuesday – as Bitcoin hit an all time high
Coinbase replied on X to another customer: ‘We understand that this is not an ideal experience.
‘Although we don’t have an estimated time to resolution, rest assured that our team is working on getting everything back to normal as soon as possible.’
Users took to X, formerly Twitter, to report problems.
At 4.27pm EST, Coinbase tweeted an update: ‘We are seeing recovery in customer transactions. Advanced Trade API users may see increased throttling while we experience increased trade volume.’
But users said they were still facing problems after that.
Bitcoin began to rise yesterday – prompting Coinbase, one of the biggest crypto apps, to boost its back-end computers to meet expected demand.
The outage today was detected by Downdetector, a third-party site that monitors problems on websites. Reports of an outage on Coinbase spiked this afternooon.
Bitcoin hit a record high today after a more than two year wait – then immediately tumbled ten percent.
The cryptocurrency hit $69,200 around 10am ET – topping November 2021’s all-time peak of $69,000.
But it then quickly pulled back and hit a low of $60,793.80 early afternoon – down 10 percent on its highs. It recovered and was trading at $62,780 at 3.30pm – still down just under 7 percent.
The surge over the past month came from investors pouring money into newly-approved exchange-traded funds (ETFs) that track its value.
Coinbase said at 4.27pm ET there was ‘recovery’ in the problem but users stil reported issues
Other users of X were still getting updates on their app at 5.28pm EST, saying there were errors when making transactions
Problems on Coinbase affected other crypocurrencies like Solana
Coinbase users complained on X about the outage
Downdetector saw a spike of Coinbase users having a problem using the trading app
After the problems this afternoon, a Coinbase spokesperson told DailyMaill.com: ‘Coinbase is on a mission to increase economic freedom for more than 1 billion people.
‘We are encouraged by the excitement in the market and are continuing to double down the capacity and resilience of our systems.’
Coinbase is the United States’ largest cryptocurrency exchange by trading volume and was created by Brian Armstrong and Fred Ehrsam in 2012.
It allows users to buy and sell reputable cryptocurrencies including Bitcoin and Ethereum.
Coinbase’s stock price closed at $216.77 when the market cosed at 4pm EST. It was down 5.4 percent on the day. But it is up 38 percent so far this year.
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Coinbase admits outage AGAIN – as customers cannot buy and sell Bitcoin on day its hits record high
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