Coinbase, a United States-based cryptocurrency exchange, experienced a widespread system outage, rendering its services inaccessible for desktop and mobile users.
The exchange officially acknowledged the outage on its status page, stating that a "major outage" commenced at 4:15 am UTC on May 14. Visiting the website currently displays a "503 Service Temporarily Unavailable" error message, often indicating server maintenance or overload, as per Mozilla's developer guide.
Coinbase Support's official account on X, a social media platform, announced the outage on May 14, stating that investigations were underway, and reassured users about the safety of their funds.
This incident follows a pattern of temporary outages experienced by Coinbase and other exchanges on Feb. 28, attributed to a surge in crypto trading activity during a Bitcoin flash crash, where the asset price momentarily dropped nearly 10% before rebounding.
While such outages are frustrating for users, some voices in the crypto community often spin them into a bullish narrative, suggesting that the influx of traffic causing downtime ultimately benefits the crypto market.
For instance, crypto trader Castillo Trading humorously remarked to his 73,000 followers on X about the Coinbase outage, suggesting it as a sign of a bullish market resurgence.
May 2024, Cryptoniteuae