2021-05-19 18:00:00

Did Coinbase crash due to Bitcoin, Dogecoin drop?

The cryptocurrency exchange app Coinbase experienced an outage Wednesday morning as cryptocurrency values and prices plunged, The Verge reports.

Coinbase apologized for the outage and server issues on Wednesday morning.

  • “We’re seeing some issues on Coinbase and Coinbase Pro and we’re aware some features may not be functioning completely normal. We’re currently investigating these issues and will provide updates as soon as possible,” Coinbase said in a statement.
  • “We know that customers are experiencing some issues with logging in, seeing their balances and trading. Our teams are working to resolve this as soon as possible and funds in Coinbase accounts are safe. We’ll circle back as soon as we have an update,” Coinbase said.

In fact, Binance, another cryptocurrency exchange app, reported issues centered around withdrawals for cryptocurrencies like Etherium and ERC-20 tokens, according to The Verge.

Cryptocurrency values dropped Tuesday, causing multiple social media reactions and freakouts. The drop started after a watchdog finance group in China suggested a ban on crypto, according to CNN.

But Galaxy Digital CEO and Chairman Mike Novogratz told CNBC that people were likely selling off their crypto coins because they didn’t want to lose too much of the gains they earned this year.

  • “Humpty Dumpty never gets put back together in two days … when he cracks,” Novogratz told CNBC. It’s going to take a while. The market will consolidate. It will find a bottom somewhere. I’m hoping its close to here,” Novogratz said.

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