Coinbase notes ‘excitement’ in crypto as exchange hit with second outage in a week
Yesterday, there was another failure at the crypto exchange, just a few days following a similar failure. A representative for Coinbase explained that they are putting in effort to enhance their capacity. The current rally has resulted in a significant jump in Coinbase's stock price and ranking in the app store.
As Bitcoin approaches a new record high, Coinbase is experiencing an increasing number of disruptions.
Only yesterday, the most extensive digital currency exchange in the United States experienced another system failure. This is the second failure in less than a week.
On Monday, the exchange made a statement acknowledging that some users might encounter a delay in their transactions on Coinbase.com, and a small number of users may have occasional issues with their account balance showing as zero.
Last month, the exchange encountered a problem that caused a temporary zero balance on its users' accounts and issues with buying and selling. The exchange disclosed this service disruption to the public.
A representative from Coinbase shared with DL News that they are pleased with the enthusiasm in the marketplace and are making efforts to increase the strength and ability of their systems.
Coinbase has faced many critiques due to multiple technical problems over the past few years. These concerns are often noticed when there is heavy trading or a high demand for services.
The outages haven't caused any concern among the investors.
This year, the value of Coinbase's shares has increased by a notable 46% and is currently valued at $229.15. This is quite a significant jump from its previous low of $33.26, which was last observed on January 6, 2023.
The application of the exchange has experienced a significant boost in terms of its popularity among finance app downloads in the United States. This serves as an additional measurement for individuals who support cryptocurrencies and are keeping an eye on this cycle’s positive prospects.
The cell phone application of the exchange has improved its rank and now it is in the seventh position on the Apple's App Store. It has increased by 85% compared to its ranking on February 4, when it was in the forty-seventh place among the finance applications with the highest number of downloads.
According to market research company Sensor Tower, Coinbase's ranking on the Google Play Store has increased significantly, moving from 64th place to 24th place.
The interest of both big and small investors in cryptocurrencies has increased greatly after the green light was given to 10 exchange-traded funds for Bitcoin in the US on January 10th.
Though the interest in Coinbase has led to its higher rankings and increased share price, the exchange's infrastructure has been severely challenged due to a rise in trade activity.
Sebastian Sinclair works as a journalist who covers market news for DL News. Feel free to reach out to him at [email protected] if you have any leads or information to share.
