Coinbase is down amid massive cryptocurrency plunge
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Cryptocurrency exchange Coinbase is experiencing a “partial” outage this morning for its entire site and application. Additionally, both Coinbase and Binance are reporting issues specifically focused around withdrawals of Etherium and ERC-20 tokens this morning due to “network congestion.”
“We’re seeing some issues on Coinbase and Coinbase Pro and we’re aware some features may not be functioning completely normal. We’re currently investigating these issues and will provide updates as soon as possible,” Coinbase commented in a statement.
The outage comes in the midst of a massive cryptocurrency plunge over the past week — and particularly the past 24 hours — that has seen the price of some of the most popular cryptocurrencies like Bitcoin, Etherium, and Dogecoin drop precipitously. As of publication time, Bitcoin has dropped almost 30 percent down to $31,000, Ethereum is down 40 percent to $2,424, and meme coin Dogecoin dropped almost 45 percent.
In its S-1 filing, Coinbase specifically noted that “abrupt changes in volatility or market movement can lead to extreme pressures on our platform and infrastructure that can lead to inadvertent suspension of services across parts of the platform or the entire platform.”