Coinbase users recently reported suffering difficulties on the platform. Coinbase and its trading platform, Coinbase Pro, have a history of experiencing outages and other issues during high-traffic times.
Although users reported problems early this morning, a status update from Coinbase now indicates the platform is working normally once again. "All services are back up," the update said at 12:33 pm EST. "We are currently monitoring our systems."
“Coinbase has disabled buying and selling of some crypto assets,” Morgan Creek Digital co-founder Anthony Pompliano tweeted earlier on Friday morning. Multiple folks on Twitter posted pictures of their difficulties when attempting USD purchases on Coinbase.
The GameStop effect has completely upended the crypto market now. There’s a big Twitter-led $btc pump happening today and Coinbase — basically the Robinhood for entry-level crypto trading — has frozen USD purchases. Just tested it myself. pic.twitter.com/xpJCQjA0uh— Ryan Broderick (@broderick) January 29, 2021
“For context, a bunch of big Twitter account have put #Bitcoin in their bios. Elon Musk being the biggest. Now $BTC is up almost 15% in the last 24 hours.”
Significant chatter has arisen in recent days surrounding drama in the financial markets and on social media. GameStop’s stock, under the ticker GME, enjoyed a significant rise in price, allegedly in connections with the efforts of a trading group on social media. Popular trading platform Robinhood recently suspended buying for a number of assets, including GME.
Coinbase often suffers platform downtime and technical difficulties. Multiple outage instances occurred in 2020, including during notable Bitcoin price moves in April and May.