Coinbase Outage - Can I believe in Exchange?

Bitcoin dropped suddenly after rallying to over $10,000 per bitcoin in the last few days. The bitcoin price dropped more than 10% in some minutes, dropping to lows of $8,100 before rebounding a bit.

However, an outage on major U.S. bitcoin and crypto exchange Coinbase just after bitcoin's price plummet left many users unable to trade. This is the second time in less than a month Coinbase has buckled under stress.

One of bitcoin and cryptocurrency content creator, warned via Twitter, adding, "this is not the first time Coinbase has gone down and it surely will not be the last."

"Coinbase acting like the NYSE circuit breaking," joked Jason Williams who is cofounder and partner at bitcoin and crypto hedge fund Morgan Creek Digital.

Coinbase also went down in March, leaving users locked out of their accounts during the broad coronavirus crash that wiped more than 20% from bitcoin's value in mere minutes. Users reported at least two similar issues over the course of 2019.

We should be careful until crypto currency will get into reliable legal rules and policy environment and control.

Source: Forbes

Posted Using LeoFinance