Continuing a trend established years ago, top U.S. crypto exchange Coinbase disclosed Tuesday that “some users may be experiencing errors when transacting.” The status update—posted at around 3pm EST—came four minutes after the company reported its previous slate of “intermittent transaction failures” as resolved.
These latest technical troubles come hours after the price of Bitcoin surged to a new all-time high—before collapsing after the milestone triggered liquidations and sell-offs.
In the frenzied run-up to the new record price, Coinbase was working overnight on availability issues, with a previous status note posted fifteen hours prior.
“Some users may experience intermittent errors in trading, deposits, and withdrawals across Coinbase.com,” the company disclosed late Monday. “If you encounter a failure, we recommend that you retry your transaction.”
This latest outage was tracked by third-party monitoring service Downdetector, where user reports of a Coinbase outage spiked at around the same time as Coinbase’s status update.
Coinbase Outage Reports via Downdetector. Image: Downdetector
The Coinbase exchange has regularly struggled when there’s a Bitcoin rally, as industry-wide interest in the top cryptocurrency peaks. So regular is this development that many consider Coinbase crashes to be one of the signs of an official Bitcoin bull run.
While it’s reasonable to assume that crypto-related services and infrastructure are strained during Bitcoin bull runs, widespread system outages like those reported by Coinbase are not common. For example, status pages for competitive exchanges like Kraken and Binance do report incidents that coincide with the current crypto frenzy, they are limited to
This is a developing story and will be updated as new information becomes available.