Coinbase Battles System-Wide Outage, Users Unable to Access Platform
- Coinbase, a leading US cryptocurrency exchange, is currently facing a widespread outage.
- The outage has made the platform inaccessible to users on both desktop and mobile platforms.
- This is not the first time the exchange has experienced such issues, with a similar incident occurring in February.
Coinbase, a major cryptocurrency exchange, is grappling with a system-wide outage, leaving users unable to access their accounts. This article delves into the details of the outage and its potential implications.
Details of the Outage
The exchange announced the outage on its status page, alerting users to a “major outage” that started at 4:15 am UTC on May 14. As a result, users attempting to visit the Coinbase website are currently met with a “503 Service Temporarily Unavailable” error message. The message on the status page assures users that their funds are safe despite the outage.
Possible Causes and Previous Outages
According to Mozilla’s developer guide, the error message often indicates that the servers are either undergoing maintenance or experiencing overload. This is not the first time Coinbase has faced such issues. In February, the exchange, along with several others, experienced service disruptions due to a surge in crypto trading activity. While such outages can be frustrating for users, some in the crypto community use these incidents to fuel a bullish narrative, suggesting that the heightened activity causing the downtime ultimately benefits the market price.
Financial Outlook for Coinbase
Last month, investment banking firm KBW praised Coinbase for offering investors a unique opportunity to tap into the long-term growth potential of the crypto economy. The firm increased its price target for COIN to $230, up from $160, while maintaining its market performance rating. However, Coinbase has also faced regulatory trouble. The SEC’s lawsuit against Coinbase, alleging that the exchange operates as an unregistered securities exchange, broker, and clearing agency, was allowed to proceed by a US District Court Judge.
Conclusion
While the duration and underlying cause of the outage have not been specified by Coinbase, the company is expected to provide updates as they work to resolve the issue. Despite the current challenges, the financial outlook for Coinbase remains positive, with investment banking firm KBW increasing its price target for the company.
