Coinbase, one of the leading cryptocurrency exchanges in the United States, is struggling with a “system-wide outage” that has made its services inaccessible on both desktop and mobile platforms.
The exchange officially announced the outage on its status page, warning users of a “major outage” that began at 4:15 a.m. UTC on May 14.
When you try to visit the Coinbase website, you receive the error message “503 Service Temporarily Unavailable”.
“Coinbase is experiencing a system-wide outage. We are investigating this issue. Your funds are safe,” the message on the status page says.
Coinbase could be overloaded
According to a Mozilla developer guide, this error message usually indicates that the servers are either undergoing maintenance or are overloaded.
Coinbase support took to social media to confirm the issue and reassure users that a solution is actively being worked on.
They stressed that users’ funds are safe despite the interruption.
Coinbase is experiencing a system wide outage. We are investigating this issue and working on a solution. Please see https://t.co/a3pl4WiDhZ for updates. Your funds are safe.
— Coinbase Support (@CoinbaseSupport) May 14, 2024
This is not the first time Coinbase has been affected by temporary outages.
On February 28, Coinbase and several other exchanges experienced service outages due to a surge in crypto trading activity.
While such outages are undoubtedly frustrating for users, some individuals in the cryptocurrency community use these incidents to fuel a bullish narrative by claiming that the increased activity the downtime causes ultimately benefits the market price.
While the duration of the outage and underlying cause were not specified by Coinbase, the company is expected to provide updates as it works to resolve the issue and restore full functionality to its platform.
KBW raises price target for Coinbase to 230 USD
Last month, investment banking firm KBW praised Coinbase for offering investors a unique opportunity to capitalize on the long-term growth potential of the crypto economy and raised its price target for COIN to 230 USD.
In a research analysis, KBW raised the price target for Coinbase from 160 USD to 230 USD while maintaining its market perform rating.
Meanwhile, Coinbase has also had its share of regulatory issues.
Last month, Judge Katherine Polk Failla of the U.S. District Court for the Southern District of New York ruled that the SEC’s lawsuit against Coinbase could proceed.
The judge’s decision came after Coinbase filed a motion to dismiss the SEC’s lawsuit, which alleges that the exchange operates an unregistered securities exchange, broker and clearinghouse.
In her decision, Judge Failla stated that the SEC’s lawsuit against Coinbase had a “plausible” basis.
“The Court finds that the SEC has adequately demonstrated that Coinbase operates as an exchange, a broker, and a clearing agency under the federal securities laws and, through its staking program, is conducting an unregistered offer and sale of securities,” the court document said.
As reported, Kathryn Haun, a former assistant U.S. attorney and partner at Andreesen-Horowitz, has resigned from Coinbase’s board of directors.
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