Coinbase went offline as Bitcoin broke through $ 10,000
CONTENT

  • Coinbase left the radar again during the growth of BTC

  • Users lost millions of dollars

  • Technical errors on the exchange regularly occur during price surges

Coinbase went offline as soon as Bitcoin broke through $ 10,000

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The largest American cryptocurrency exchange Coinbase was again frightened by the rapid growth of bitcoin and went offline for several hours, citing technical problems. Millions of users lost access to their accounts and wallets during this time and lost their profits. This behavior of the exchange during the period of price jumps in the main cryptocurrency has become commonplace, but users still complain.

Go offline in any unclear situation

 

Today, on June 2, the main cryptocurrency was able to break through the resistance level of $ 10,000 and consolidate at $ 10,100. Together with the BTC, the price of altcoins from the top 20 also increased, which are directly correlated with the behavior of bitcoin. In a matter of hours, cryptocurrency market capitalization increased from $ 270 billion to $ 284 billion.

Coinbase went offline as Bitcoin broke through $ 10,000

But as soon as bitcoin outlined a steady growth and passed the $ 10,000 mark, the American cryptocurrency exchange, which today serves millions of users around the world, suddenly went offline. The organizers of the site explained this situation as a “connection problem”. Without going into details, the exchange administrators said they are investigating and solving the problem..

Less than an hour later, the exchange started working again, and the Coinbase management was bombarded with accusations from users who, in the “hottest time” for Bitcoin, were left behind. According to DownDetector’s source, the failure occurred just at the time from 2 to 3 a.m., at a time when bitcoin was growing especially rapidly in price..

Coinbase users said they couldn’t even log into their accounts.

Not the first time and not the last

 

It looks like the head-in-the-sand strategy works great at Coinbase. Recall that in March, when bitcoin fell from $ 10,000 to $ 8,000 in a few hours, the exchange did the same. For unknown reasons, as administrators will later explain by a technical malfunction, the exchange went offline for several hours, and clients were unable to access their wallets and money, and also lost millions of dollars in the fall of bitcoin.

A similar case happened in 2019, when the value of the cryptocurrency fell by 15% in 15 minutes. Traders were again unable to access their accounts and funds as Coinbase “faced a technical problem”.

It is likely that the site will continue to “bury its head in the sand” at every major price fluctuation, which may negatively affect the users of the exchange..

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