Crypto News – Analyzing the Frequency of Coinbase System Outage Incidents
Crypto News – The “system-wide outage” that hit US cryptocurrency firm Coinbase has prevented users from using its services, making it impossible for users to access the exchange on desktop or mobile devices. Coinbase shared that a “major outage” started on May 14 on its official status page, informing customers of the outage.
Currently, a “503 Service Temporarily Unavailable” error message appears when someone tries to access the website. The most frequent reason is that the servers are overloaded or unavailable for maintenance, according to a developer guide available on Mozilla.
Coinbase Says User Funds Are Safe
In a post dated May 14, Coinbase Support’s official X announced the downtime and stated they were looking into the problem and working on a fix. The security of user funds was reaffirmed.
Due to a sudden spike in cryptocurrency trading activity on February 28, Coinbase and several other exchanges experienced brief disruptions. The event caused the price of Bitcoin to drop by about 10% before rising sharply again. Although outages are inconvenient for customers of cryptocurrency exchanges, analysts on Crypto Twitter frequently utilize them to create a bullish narrative, arguing that the traffic spikes that result in prolonged downtime are ultimately beneficial for the cryptocurrency market.
FAQ
What is a System Outage?
A system outage occurs when your computer systems’ performance deteriorates to the point that they can no longer support your company’s regular operations.
Will the Coinbase System Outage Get Fixed?
As of the time of publication, the outage has ended.
Has Coinbase Experienced System Outages Before?
The closest known example was the outage on February 28.
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