As a long-term crypto investor with experience in using various exchanges, I find the recent Coinbase outage concerning. Although the exchange announced that systems were fully operational and recovered by 7:34 am UTC on May 14, some users have reported ongoing issues with withdrawals and transfers.
Coinbase, the world’s second-largest exchange by trading volume, suffered a major outage on May 14.
At 4:19 am UTC, Coinbase experienced a prolonged interruption affecting its entire platform that lasted for approximately three hours. By 7:34 am UTC, the exchange had successfully restored all services as reported on its status update site.
The exchange said in an X post:
The cause of the recent blackout at Coinbase is still a mystery, but they assured us they’re actively working to uncover the solution.
According to data from CoinMarketCap, Coinbase is the second largest cryptocurrency exchange globally, with a trading volume of approximately $2.4 billion per day. In contrast, Binance holds the first position as the market leader, boasting a significantly larger trading volume of around $18.7 billion daily.
Withdrawals and transfers are still offline for some users
Although Coinbase has declared that its systems are functioning optimally, certain users persist in encountering technical problems.
In response to Coinbase’s announcement, pseudonymous X user Rocket commented:
“This tweet is false as millions of people are still unable to withdraw or transfer their assets.”
As a crypto investor, I’ve noticed that many others have experienced issues with transferring cryptocurrencies and making cash withdrawals on Coinbase. Some users are urging the community to verify Coinbase’s claims that their systems have completely recovered.
On May 14, Coinbase’s status report indicated experiencing subpar transaction performance. However, they announced at 4:19 am UTC that this issue had been rectified, alongside a system-wide interruption.
Mainstream users typically begin their cryptocurrency journey by using centralized platforms like Coinbase and Binance as they provide a more straightforward experience than decentralized exchanges (DEXs), making the process of purchasing digital assets easier for newcomers.
Centralized exchange disruptions, such as system failures and withdrawal problems, have the potential to significantly undermine public confidence in the cryptocurrency market.
As an analyst, I’ve observed a notable discrepancy between the trading volumes of decentralized exchanges (DEXs) and their centralized counterparts. On a particular Monday, DEXs recorded a global trading volume of over $585 million. In contrast, centralized exchanges reported a staggering trading volume of approximately $4.6 billion on the same day, according to Kaiko Research data.
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2024-05-14 12:09