Coinbase Down Amid A System-Wide Outage, Tells Traders Funds Are Safe

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Updated: 14 May 2024

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The website of US crypto exchange giant Coinbase is down amid a system-wide outage that started at around 00:25 a.m. EST.

The exchange confirmed that the outage affected its mobile and desktop users, while assuring users that their funds are safe and that it was working to restore normal service.

The Coinbase status page currently shows that some services are recovering, while some users are still facing problems accessing the platform.

We're seeing some services recover. We know customers may still be encountering connectivity problems and we appreciate your patience while we work to correct this. We're still monitoring this closely. https://t.co/AAzEMPaJGL

— Coinbase Support (@CoinbaseSupport) May 14, 2024

Frequent Outages On Coinbase

Coinbase has suffered several outages during periods of peak market activity. Earlier this year, as Bitcoin rallied to all-time highs, Coinbase crashed amid an uptick in transactions.

The crypto community often sees outages on Coinbase as a sign of a bull market as down time is sometimes triggered by a surge in trading volumes that signal bullish sentiment. One crypto trader on X believes the recent outage is good for the market.

Coinbase down.

We are so fucking back. pic.twitter.com/sZaqdwELlA

— Castillo Trading (@CastilloTrading) May 14, 2024

Bitcoin has not reacted to the development, gaining around 1% in the last 24 hours. BTC is trading at $62,031 as of 02:59 a.m. EST according to CoinGecko.