Exclusive Update on Coinbase Outage π οΈ
Currently, Coinbase, one of the prominent cryptocurrency exchanges in the US, is encountering a “system-wide outage,” making its services inaccessible to users on desktop and mobile platforms. The exchange formally announced the outage, stating it began around 4:15 am UTC on May 14, which translates to a “major outage.” Unfortunately, attempting to access the Coinbase website now results in a “503 Service Temporarily Unavailable” error message, indicating an issue with the server. Despite this inconvenience, Coinbase reassures users that their funds are secure during this time.
Potential Causes of the Outage π€
When facing a 503 error, it could point to server maintenance or overload, according to a developer guide from Mozilla. Coinbase Support has acknowledged the problem on social media, confirming that they are actively investigating and working on a resolution while emphasizing the safety of users’ funds. This is not the first time Coinbase has experienced temporary outages. Previously, on February 28, along with other exchanges, they faced service disruptions due to heightened crypto trading activity.
- 503 server error commonly signifies maintenance or overload
- Coinbase Support active on social media addressing the issue
- February 28 outage due to surge in crypto trading activity
KBW Optimistic About Coinbase’s Future π
Last month, the investment banking firm KBW commended Coinbase for allowing investors to capitalize on the long-term growth potential of the crypto economy. KBW raised its price target for COIN from $160 to $230 in a research analysis, maintaining its market performance rating. Additionally, despite its recent successes, Coinbase has encountered regulatory challenges. A ruling from Judge Katherine Polk Failla allowed the SEC’s lawsuit against Coinbase to proceed, focusing on claims of unregistered securities exchange, broker, and clearing agency operations.
- KBW sees long-term growth potential in Coinbase
- Price target for COIN increased to $230
- SEC lawsuit against Coinbase moves forward under Judge’s ruling
Recent Developments in the Coinbase Saga π΅οΈ
Alongside regulatory troubles, Kathryn Haun has resigned from Coinbase’s board. Haun, a former Assistant U.S. Attorney and Andreesen-Horowitz partner, stepped down amid ongoing legal challenges. Despite intermittent service interruptions and legal hurdles, Coinbase is expected to update users as they strive to resolve the technical issues and restore full functionality to their platform.
Hot Take π₯
In the volatile world of cryptocurrency, technical glitches such as the recent Coinbase outage underscore the need for robust infrastructure to support growing user demands. While setbacks are inevitable, the crypto community’s resilience shines through, viewing challenges as opportunities for bullish market narratives.
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