Coinbase Restores Service after Initial Glitch

Crypto exchange giant Coinbase on Tuesday experienced technical issues resulting in the failure of trades and withdrawals on the platform.

The exchange acknowledged the outage that caused simple trade activities and withdrawals not to be processed on the platform in a tweet post.

Furthermore, it added that its team was already on the situation and implementing a fix and will continue to monitor the process till services are restored and will keep the community updated.

This outage which happened during a massive sell-off fueled by hot inflation data sparked reactions from its users online. Many of its users criticized the fact that it happened at a period when the market was in the middle of a sharp decline.

At the time, the price of Bitcoin (BTC) almost slipped below the $20,000 level and other leading cryptocurrencies like Ethereum  (ETH) and Dogecoin (DOGE) were also impacted negatively.

In a follow-up tweet, the exchange announced that services were fully restored and simple trades on the platform were processing normally.

Coinbase May Land in Troubled Waters

In the very volatile digital market, inconsistent account access can result in huge financial harm.

Recall that the exchange is currently facing a lawsuit filed by one of its customers for denying him access to his account. 

According to the user, Coinbase improperly and unreasonably denies customers access to their funds. This, he said is a violation of Coinbase’s claims to give customers technology that assists in navigating the real-time, global, and 24/7/365 nature of the crypto asset markets.

Meanwhile, last month, the exchange’s CEO Brian Armstrong predicted that the current winter will persist for 12 to 18 months before prices of digital currency enter a recovery phase. Brian added that the exchange was prepared for the prolonged downturn.

Although the CEO admitted that it was difficult to make accurate economic projections, it’s safe to make plans for the crypto winter to last longer.

In all, Brian is confident the exchange will see out the current crash and maintain its position as an industry leader.

In June, the exchange retrenched about 18% of its global workforce due to the economic climate and the exchange’s uncertain business outlook.