Coinbase, one of the leading cryptocurrency exchanges in the United States, has once again experienced technical difficulties during a Bitcoin rally. The exchange disclosed that some users were encountering errors while making transactions. This announcement was made shortly after Coinbase resolved a previous issue with intermittent transaction failures.
Interestingly, this latest incident occurred just as the price of Bitcoin reached a new all-time high before plummeting due to liquidations and sell-offs. Coinbase had been working overnight to address availability issues prior to the rally.
Reports of the Coinbase outage surged on Downdetector, a third-party monitoring service, around the same time as Coinbase’s status update.
Coinbase has become known for its problems during Bitcoin bull runs, when interest in the cryptocurrency peaks. Many market observers now view Coinbase crashes as an indicator of an official Bitcoin bull run.
While it is understandable that crypto-related services and infrastructure may experience strain during these periods, widespread system outages like those reported by Coinbase are not common. Other major exchanges such as Kraken and Binance have also experienced incidents coinciding with the current crypto frenzy, but their occurrences are limited.
As this is an ongoing situation, further updates will be provided as new information becomes available.