Coinbase said it resumed operations after a system-wide outage that impacted its website, mobile, and API for over three hours.However, several customers of the crypto trading platform on social media claimed this was false as they could still not withdraw their funds.One X user, Nigel Dias, revealed that he attempted to send his crypto but was met with a prompt that read, ” Sending to this recipient is temporarily disabled.”According to the status page, the incident began around 4:19 am UTC and was resolved by 07:42 am UTC.During the incident, the crypto trading platform stated that its users experienced failures in sending crypto or withdrawing fiat, marking the service as degraded. It added:“[Some] customers may still be encountering connectivity problems and we appreciate your patience while we work to correct this. We’re still monitoring this closely.”Meanwhile, Coinbase has yet to disclose the reasons for this outage or any compensation plan for users impacted by its issues.The recent outage marks another in a series of disruptions experienced by the exchange in recent months. According to its status page, the platform has logged 14 incidents this month alone, in addition to the 29 incidents in April and 36 in March.Coinbase’s outage issue appears to have aligned with Bitcoin’s price dropping to as low as $61,400 from $62,660.However, the flagship digital asset price has slightly recovered to $61,780 as of press time.Coinglass data showed that the price action resulted in the liquidation of approximately $50 million during the past four hours, with most losses coming from long traders.This price performance continued the current bearish sentiments pervading the market, which has seen BTC’s price drop by approximately 3% over the past seven days, according to CryptoSlate’s data.Oluwapelumi values Bitcoin’s potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.Also known as “Akiba,” Liam is a reporter, editor and podcast producer at CryptoSlate. He believes that decentralized technology has the potential to make widespread positive change. Get the latest crypto news and expert insights. Delivered to you daily.The current uncertainty in the market is being fueled by the impending Federal Open Market Committee’s (FOMC) decision on cutting interest rates.Embracing Bitcoin mining could be pivotal in Trump’s envisioned energy strategy.Miller argued that the flagship crypto remains vastly undervalued and predicts a major shift in global capital governance.The report highlights significant gaps in law enforcement’s ability to track and recover illicit digital assets moved via privacy coins, layer-2 networks, and crypto mixers. CryptoSlate’s latest market report dives deep into the effects corporate Bitcoin purchases have on the market.Disclaimer: Our writers’ opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.
