Cryptocurrency exchange platform, Coinbase experienced a “partial” outage on Wednesday morning for its entire site and application. Also, both Coinbase and Binance are reporting issues specifically focused around withdrawals of Etherium and ERC-20 tokens this morning due to “network congestion.”
“We’re seeing some issues on Coinbase and Coinbase Pro and we’re aware some features may not be functioning completely normally. We’re currently investigating these issues and will provide updates as soon as possible,” Coinbase commented in a statement.
This is happening at a time huge cryptocurrency crash crashed over the past week that has witnessed the price of some of the most popular cryptocurrencies like Bitcoin, Ethereum and Dogecoin drop suddenly. Bitcoin has dropped almost 30 percent down to $31,000, Ethereum is down 40 percent to $2,424, and meme coin Dogecoin dropped almost 45 percent.
— Binance (@binance) May 19, 2021
In its S-1 filing, Coinbase specifically noted that “abrupt changes in volatility or market movement can lead to extreme pressures on our platform and infrastructure that can lead to inadvertent suspension of services across parts of the platform or the entire platform.”