• Sun. Apr 21st, 2024

As the Price of Bitcoin Reaches an All-Time High, Coinbase Experiences Yet Another Outage

Phillip Bryant

ByPhillip Bryant

Mar 9, 2024
As the Price of Bitcoin Reaches an All-Time High, Coinbase Experiences Yet Another Outage

The Coinbase network appears to be responding unfavorably to the identical Bitcoin surge that has investors feeling ecstatic.

An Additional Coinbase Error Has Been Recorded

Coinbase, a digital currency platform based in the United States, is currently experiencing yet another disruption in its service, which coincides with Bitcoin reaching a new record high.

Over the past two weeks, Coinbase has encountered technical difficulties for the third time. As a result of the network becoming unavailable, Coinbase users experienced a widespread disruption. Downdetector has reported that there has been a significant increase in the number of issue reports that have been submitted within the past day.

The crypto analyst MartyParty restated the information regarding the disruption of service on X. He also brought attention to the fact that the platform consistently chooses applications and technologies that are of poor quality and susceptible to heavy traffic.

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He is of the opinion that the technical leadership at Coinbase has made poor choices on a consistent basis. According to MartyParty, the only viable solution would be for the company to consider a comprehensive overhaul that would involve the utilization of more advanced technologies.

Approximately two weeks ago, Coinbase experienced a technical problem as a result of a significant increase in demand brought about by a surge in the price of Bitcoin. Despite the fact that customers reported that their Coinbase accounts had no balance, the platform assured them that the issue had been resolved after investigating the root cause of the situation.

As time went on, it was discovered that the outage was responsible for the disappearance of an astounding $100 billion decrease in the value of Bitcoin on the market in just fifteen minutes.

The price of Bitcoin has only increased to $60,000. There was a widespread perception that the significant increase in trading activity and the high congestion brought on by the rise in the value of Bitcoin were to blame for the application’s downtime.

Is There a Purpose Behind These Coinbase Outages?

Immediately after the recent outage, Coinbase announced that they are making concerted efforts to find a solution to the problem. Additionally, they mentioned that they are beginning to observe improvements in their customers’ trading processes.

Nevertheless, as a result of the overwhelming volume of traffic, some users will continue to experience login errors, problems with sending and receiving funds, and difficulties with particular payment methods.

In a short period after that, there was another incident that was compared to a visual complaint. A further issue that arose was the increased delay on the platform. Coinbase reportedly kept its customers’ funds in a secure location, and the business claimed that the service interruptions had no impact on the funds.

Coinbase users all over the world are experiencing a significant amount of anxiety as a result of the frequent recurrence of the service disruption associated with Coinbase.

Some individuals in the cryptocurrency X community believe that Coinbase’s frequent service interruptions are a deliberate strategy to prevent Bitcoin from surpassing its all-time high. However, there is widespread consensus that a solution that is both immediate and long-lasting is desperately needed.

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Phillip Bryant

Phillip Bryant

Phillip Bryant, an esteemed writer in the financial field, imparts his extensive knowledge of currency markets to the readers of Main Crypto News. With a wealth of experience in international finance and a keen sense of market trends, Bryant offers timely and perceptive analysis of foreign exchange, keeping readers well-informed.

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