- Trade is interrupted by a Coinbase outage while Bitcoin prices fluctuate.
- A legal struggle is imminent as Coinbase is the target of an SEC lawsuit.
- Concern worldwide as Coinbase falters amid Bitcoin’s volatility.
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During the height of Bitcoin’s volatility, Coinbase, the largest cryptocurrency exchange in the US, suffered a system-wide outage that impacted users. Users of the Coinbase mobile app and website were forced to deal with the “503 Service Temporarily Unavailable” error message due to the disruption.
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Coinbase disruption
The timing of Coinbase’s outage could not have been worse. Users were concerned about Coinbase’s capacity to manage spikes in user activity effectively because it happened at the same time as the bitcoin price fluctuated.
Following a four-hour outage, Coinbase was back online and announced the good news that user funds were secure. However, the outage has highlighted recurring issues with the platform’s stability during peak trading hours.
This issue is not specific to Coinbase; the exchange has encountered similar technical challenges in the past during periods of high trading volume.
Regulatory Examination of Coinbase
The company faces additional challenges, such as the legal scrutiny from oversight organizations like the Securities and Exchange Commission of the United States (SEC).
A U.S. District Court judge determined that there is sufficient justification for the SEC’s lawsuit against Coinbase to move forward in the most recent case. According to the lawsuit, Coinbase operates as a broker, clearing agency, and illegal, unregistered securities exchange. Another facet of the exchange and its users are left in limbo by this legal dispute.
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