Coinbase said it resumed operations after a system-wide outage that affected its website, mobile and API for more than three hours.
However, several customers of the crypto trading platform on social media claimed that this was the case false because they still couldn’t withdraw their money.
One X user, Nigel Dias, revealed that he tried to send his crypto, but got a prompt that said, “Sending to this recipient has been temporarily disabled.”
Coinbase outage
According to the status pagethe incident started around 04:19 UTC and was resolved by 07:42 UTC.
During the incident, the crypto trading platform stated that its users experienced errors when sending crypto or withdrawing fiat, causing the service to be marked as degraded. It added:
“[Some] customers may still experience connection issues and we appreciate your patience as we work to correct this. We are still monitoring this closely.”
Meanwhile, Coinbase has not yet revealed the reasons for this outage or a compensation plan for users affected by the issues.
The recent outage marks the latest in a series of disruptions the stock market has experienced in recent months. According to the status page, the platform has recorded 14 incidents this month alone, in addition to the 29 incidents in April and 36 in March.
Bitcoin price reacts
Coinbase’s outage issue appears to be in line with Bitcoin’s price drop from $62,660 to $61,400.
However, the price of the flagship digital asset has recovered slightly to $61,780 at the time of writing.
Mint glass facts showed that the price action resulted in the liquidation of approximately $50 million over the past four hours, with most of the losses coming from long traders.
This price performance continues the current bearish sentiment pervading the market, which has caused the price of BTC to drop approximately 3% over the past seven days, according to Crypto Slates facts.