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Coinbase trading platforms suffered another outage yesterday as volatility in the cryptocurrency market increases
US-based cryptocurrency exchange Coinbase suffered another outage a few hours ago. The power outage has affected its website and mobile apps as the cryptocurrency exchange combats this recurring problem over the past few weeks. Coinbase appears to experience a disruption whenever there is a spike in Bitcoin’s price and trading volume.
Coinbase announced its discontinuation via a tweet. It stated that “We are currently investigating connectivity issues on Coinbase and Coinbase Pro. We are working quickly to implement a fix and will send an update as soon as it is fixed.”
The cryptocurrency exchange later tweeted that it has implemented a solution for the problem and is monitoring the results. The outage was not exclusive to Coinbase as some platforms around the world were affected. The Amazon Web Service (AWS) cloud provider has experienced outages and has affected several platforms that host their services with them.
Coinbase has a track record of outages during intense trading periods in 2020. On November 16, Coinbase reported a similar outage, making the website and mobile app inaccessible to traders and investors for a few hours.
The latest outage comes as Bitcoin’s price continues to suffer this week. The major cryptocurrency broke the $ 19,000 barrier a few days ago, but has since lost more than $ 2,000. At the time of this news, BTC has dropped 3.5% in the past 24 hours and is trading at $ 17,236 per coin.
Coinbase plagued by another controversy
Coinbase has been a hotbed of controversy this year. After asking its employees to steer clear of political views a few months ago, the company is about to experience another significant controversy.
The company published a blog post yesterday, rejecting an unpublished article in the New York Times (NYT). The next article claims that black employees have had bad experiences while working at Coinbase.
The article was written by NYT reporter Nathaniel Popper who interviewed the current and former Coinbase staff in recent weeks. The article will say that most of the black workers and contractors mentioned in the story have filed complaints with Coinbase.
However, Coinbase came out to refute the claims and explain that only three black employees filed complaints during their time at Coinbase and all complaints were properly investigated. Following investigations conducted by both internal and external entities, Coinbase found no evidence of wrongdoing and concluded that the claims were unsubstantiated.
The New York Times article has yet to be published, but it could further affect Coinbase’s credibility in the market.
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