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Coinbase Is Facing Another Challenge On The Platform

On the website, Coinbase customers earlier revealed experiencing challenges In periods of heavy traffic, Coinbase and its trading site, Coinbase Pro, have a record of suffering outages and other problems.

After suffering massive outages again, Coinbase appears to be online. The Elon Musk effect may have been the reason behind a surge in traffic to the trading platform. — Cointelegraph (@Cointelegraph) January 30, 2021

While people complained about issues early this morning, a Coinbase status update now implies that the service is running properly all over again. Coindesk update stated at 12:33 pm EST:

“All services are back up. We are currently monitoring our systems.”

“Coinbase has disabled buying and selling of some crypto assets,” Earlier on Friday morning, Morgan Creek Digital co-founder Anthony Pompliano tweeted. Many people have shared screenshots of their difficulties on Twitter while trying to buy USD on Coinbase.

The GameStop effect has completely upended the crypto market now. There’s a big Twitter-led $btc pump happening today and Coinbase — basically the Robinhood for entry-level crypto trading — has frozen USD purchases. Just tested it myself. — Ryan Broderick (@broderick) January 29, 2021

Ryan Broderick’s Crypto-Twitter personality also acknowledged problems with purchasing BTC via the euro. In a related tweet, he added:

“For context, a bunch of big Twitter account have put #Bitcoin in their bios. Elon Musk being the biggest. Now $BTC is up almost 15% in the last 24 hours.”

In subsequent days considerable speculation has emerged around the drama in the financial markets and on social media. Under the GME ticker, the stock of GameStop celebrated a substantial price increase, reportedly in accordance with the activities of a social media trading party. Robinhood, the famous trading site, lately halted the purchasing of a variety of properties, which also include GME.

Coinbase also struggles with technical problems and platform maintenance. Several outage cases occurred in 2020, such as in April and May during notable Bitcoin price shifts.



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