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Bitcoin Exchange Coinbase Suffers Outage During Trading Frenzy and Record Highs

Last Updated March 4, 2021 5:02 PM
Samburaj Das
Last Updated March 4, 2021 5:02 PM

Major bitcoin exchange Coinbase is currently seeing a service outage due to ‘maintenance’ at a time when bitcoin prices are soaring to new all-time highs.

The soaring interest and demand for bitcoin has seemingly crippled prominent bitcoin exchange Coinbase yet again (and again). San Francisco-based Coinbase, one of the world’s largest and most prominent bitcoin trading platforms with operations in over 30 countries, is presumably feeling the stress of heightened traffic and/or trading, forcing the operator to suspend operations temporarily to undergo maintenance.

Users are currently greeted with the following banner upon visiting the website.

A closer look at Coinbase’s real-time status page  reveals the operator pointing “performance issues” in its ongoing investigation, stating:

Investigating – We’re investigating performance issues on Coinbase.com and are working to resolve them. We will update with more information as it becomes available.

While the status of its mobile application shows to be operational, a number of disgruntled users are also facing issues accessing their Coinbase wallets through mobile applications.

Some unproven user claims raise more worrying concerns.

Operational issues due to frenzied trading during record price highs have regularly plagued Coinbase and other exchanges this year. In May, Coinbase pointed to “unprecedented traffic and trading volume” leading to multiple outages in a week when bitcoin surged to a then-all-time-high of $2,740. The following month, Coinbase confessed to a ‘major outage’ due to “high traffic and customers.” The cryptocurrency exchange has also seen outages during price falls this year.

Featured image from Shutterstock.