Cryptocurrency exchange Coinbase on Tuesday morning has faced a server issue. The online crypto trading exchange application is now down. Following tweets from investors, Coinbase has now confirmed that the application is facing ‘connectivity issues’ and it is being fixed.
Prominent crypto-exchange Coinbase is down. According to Downdetector, the platform has received over 5,000 problem reports since 5 AM on Wednesday. Having had a minor glitch on Tuesday night, this comes as a big issue to both the exchange as well as the investors. Several investors took to their Twitter handles to report complaints regarding the outage. Many tagged the official handle of the exchange platform and demanded an explanation, even using the hashtag Coinbase down.
Following the outage, the crypto-exchange, which allows users to trade internationally, informed that the company was fixing the problems that has risen. “We're experiencing connectivity issues again across http://Coinbase.com and Coinbase Pro. This may cause failed trades, delayed transactions, and unexpected behaviour on the webpage and mobile apps. We're back at it to get this fixed and restore full service,” Coinbase tweeted. Coinbase is an international crypto exchange that operates in many countries around the world. The outage comes hours after the news of the Indian government’s plan to ban crypto in India broke.
We're experiencing connectivity issues again across https://t.co/ohqDivCZYw and Coinbase Pro. This may cause failed trades, delayed transactions, and unexpected behavior on the webpage and mobile apps. We're back at it to get this fixed and restore full service.— Coinbase Support (@CoinbaseSupport) November 24, 2021
On Tuesday night, the news broke that the Central government is looking to ban all private cryptocurrencies through a bill that will be introduced in the Winter Session of Parliament later this month. As per sources of Republic Media Network, only a few companies will be immune to the bill which is reportedly named "The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021". It is to be noted that reports about the possible ban have surfaced after PM Narendra Modi expressed his concerns over the growing trend of digital currency, in his address at The Sydney Dialogue on November 18, 2021.
This revelation about the bill created turbulence amongst traders and even owners of crypto trading companies. Following the news, several investors began to panic sell the tokens causing high trading traffic in crypto exchanges. Coinbase, which is one of the biggest exchanges faced high traffic on Tuesday night causing its application server to crash. Traders are now on a panic selling spree, which is causing issues on several platforms like Coinbase.