Key Takeaways
- The U.S. largest cryptocurrency experienced widespread outages today, among unconfirmed reports of outages on other exchanges as well.
- The “connectivity issue” occurred as meme coin Shiba Inu reached new all-time highs.
- Though no cause for the outage has yet been reported, Twitter users have begun to speculate broadly.
Several Twitter users have taken to the social media platform to complain of outages in Coinbase support for several altcoins today, including Shiba Inu (SHIB), which reached a new all-time high shortly before the outage. At press time, rumors of other centralized exchange outages circulated as well.
Coinbase Appears to Buckle Under Weight of Trading
Coinbase, the U.S.’s largest cryptocurrency exchange, has experienced an outage today amid Shiba Inu’s (SHIB) continued surge toward new highs. The meme coin touched a high price on Coinbase of $0.000088 before abruptly correcting to roughly $0.000067 as word of the outage spread. Coinbase has said it is aware of the issue and working to resolve the problem. At press time, there were unconfirmed reports of other exchanges being down as well.
Support for SHIB and several other coins appeared to have been disabled, at least for a time. Users attempting to access many of their wallets in Coinbase were simply met with a message reading “We’re having connection issues.” Coinbase reported on its status page that it was “experiencing connectivity issues” and is “currently investigating this issue.”
Users took to Twitter Wednesday afternoon to complain about the apparent outage. Some attributed the problem to liquidity issues brought about by the day’s trading volume: Wrote Twitter user @ThriftstoreHack wrote: “Experiencing a #cryptocurrency trading blackout on major exchanges. Price of #shib has probably launched a few trading houses into #Liquidity issues…”
Still, others were less understanding, with some suspecting foul play. Twitter user @kevin_kabange wrote: “Coinbase all of a sudden Shib is not a supported asset on your platform, I cannot buy more. Same message we received when trading AMC on Robinhood. Are you serious.”
At press time, Coinbase’s status reported: “The issue has been identified and a fix is being implemented.” Coinbase has not responded to Crypto Briefing’s request for comment.
Disclaimer: At the time of writing, the author of this piece owned SHIB and several other cryptocurrencies.
This news was brought to you by Phemex, our preferred Derivatives Partner.
The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
See full terms and conditions.
Binance, Coinbase Crashed After Bitcoin Broke $20,000
Servers for the two of the largest crypto exchanges in the industry, Binance and Coinbase, suffered brief downtime due to heavy traffic after Bitcoin broke above $20,000. Bitcoin Breaks Records,…
Crypto Traders to Sue Binance for Millions After May Outage
News
A loosely organized group of traders is pursuing Binance for compensation over losses caused by a malfunction on the exchange during one of the bloodiest days in crypto history earlier…
A Guide to Yield Farming, Staking, and Liquidity Mining
Yield farming is arguably the most popular way to earn a return on crypto assets. Essentially, you can earn passive income by depositing crypto into a liquidity pool. You can think of these liquidity…
Crypto Exchanges See Downtime As Prices Crash
News
Three of the most notable cryptocurrency exchanges reported issues this morning as token prices fell across the board. Top Exchanges Report Issues Coinbase was among the first to report degraded…