The cryptocurrency exchange Coinbase is undergoing a significant system failure, but rest assured, users' assets are safe while the company looks into the matter.

Cryptocurrency exchange Coinbase There is currently a widespread outage affecting Coinbase’s services. As per Coinbase Support's official communication on the X platform, the team is actively working to diagnose and resolve the situation.

Users trying to access the exchange's site are currently met with a '503 Service Temporarily Unavailable' message. To keep updated, users can check the official status page at status.coinbase.com. The platform has confirmed that users' funds are still secure.

According to the latest update from the company, they're observing recovery in certain services. They're aware that some users may still face connectivity difficulties, and they appreciate everyone’s patience as they work towards a resolution while keeping a close eye on the situation.

Coinbase is a leading platform where users can engage in the buying, selling, and storing of cryptocurrencies as well as non-fungible tokens (NFTs). Operating in more than 100 countries, it boasts a diverse selection of over 10,000 digital assets, catering to both newcomers and experienced traders. advanced traders , offering cryptocurrencies As the foremost cryptocurrency exchange in the U.S., Coinbase also acts as the institutional custodian for numerous spot Bitcoin exchange-traded funds (ETFs), including those offered by renowned investment management firm BlackRock.

Coinbase is currently facing widespread system difficulties. The team is diligently investigating the issue and is on the lookout for a resolution. Please check for updates.

We're noticing some services starting to recover. We acknowledge that customers may still be facing connectivity issues, and we truly appreciate your patience as we work through these problems. Our team is monitoring the situation closely. https://t.co/a3pl4WiDhZ for updates. Your funds are safe.

— Coinbase Support (@CoinbaseSupport) May 14, 2024

Coinbase Faces Technical Challenges During Peak Trading Activity https://t.co/AAzEMPaJGL

— Coinbase Support (@CoinbaseSupport) May 14, 2024

Earlier this year, in March, the exchange encountered a brief technical hiccup amid a surge in trading activity, where some users reported $0 balances on their accounts. This disruption occurred shortly after Bitcoin's price experienced a sharp decline from $64,000 to $60,000.

Just a week before this incident, a handful of users in the U.S. reported seeing their account balances drop to zero while attempting to trade Bitcoin. This technical outage coincided with a volatile period in the market. another incident Brian Armstrong, CEO of Coinbase, addressed the situation, revealing that the platform had anticipated a surge in traffic with a possibility of reaching ten times the usual volume; however, the actual demand surpassed that expectation. He shared insights into the cost implications of maintaining an over-provisioned service and reiterated the company's commitment to enhancing auto-scaling capabilities to tackle these issues.

Despite the outage, Bitcoin remains relatively stable, trading at approximately $61,635, and has shown a slight increase of nearly 0.5% over the last day, according to data from CoinMarketCap.

At the time of writing, the price of Bitcoin It's important to remember that the information provided on this page is not meant to serve as legal, tax, investment, financial, or any type of professional advice. Always invest only what you can afford to lose, and seek independent financial guidance if you're uncertain. For further information, we recommend reviewing the terms and conditions and support resources made available by the issuer or advertiser. MetaversePost aims for accuracy and neutrality in its reporting, but market dynamics are subject to immediate change.