Coinbase, one of the largest and most popular cryptocurrency exchanges in the market, has experienced a massive outage that left many users in the platform without the possibility to trade. The issue took place at a moment in which Bitcoin (BTC) tanked from $9,600 to $8,100.
Coinbase Affected by Outage During Bitcoin Crash
Bitcoin was affected by a price crash during the European night in which the digital currency lost over 15% of its price in just a few minutes. This has affected the entire crypto community that wanted to take part in the current market action.
Users at Coinbase were not able to perform their regular trading activities because the exchange experienced an outage that didn’t allow users to trade. This is the second time in 30 days that Coinbase experiences such issues.
Cryptocurrency enthusiasts and users started to complain about this situation saying that the best thing to do is to keep funds away from exchanges and store them in non-custodial wallets. Non-custodial wallets allow users to store their funds and keep their private keys as well. In this way, they would always have access to their funds.
Exchanges in the market have experienced similar outages in the past, specifically during the 2017 bull market. In addition to it, in 2018, trading platforms were also not so stable as they became in the last year. However, these outages continue to happen and affect a large number of users in the space.
It is worth mentioning that reports show Coinbase has also down in March and in April this year. This is despite the fact that volumes were not close to its highs.
At the moment, Bitcoin enthusiasts are waiting for the upcoming halving that will take place as soon as on May 12. The entire community is getting prepared to have a lower issuance of new BTC, which could be certainly positive for Bitcoin and digital assets in the long term.
Now, the entire crypto market is operating in red with falls of over 10% among the top 10. Indeed, Litecoin (LTC) was the most affected digital asset in the top 10 falling by 11.53% in the last 24 hours. Bitcoin Cash (BCH) followed, registering a price decrease of 11.49%.
We now need to wait to see which is going to be the mid-term effect of the Bitcoin halving in the market and whether it will help Bitcoin and cryptocurrencies.