Coinbase has become synonymous with breakdowns whenever the crypto market moves rapidly and has faced downtime on almost every occasion when the volumes have peaked in this bull run. Today when the whole crypto market is experiencing a blood bath having already lost 21% of the market cap in the past 24 hours, Coinbase faced several trading issues again the most recent being buy orders getting denied.
Buys on Coinbase are not completing. Coinbase is $350 lower than other exchanges right now, it's throwing off derivative indexes and likely impacting trade algos. https://t.co/m4GdHriGAz
— Willy Woo (@woonomic) January 11, 2021
Coinbase has currently launched an investigation into the reason behind delayed transaction execution on its website as well as the mobile application which has resulted in many users placing multiple order for the same transaction. This transaction has resulted in a price difference of more than $350 for Bitcoin against other exchanges.
We’re investigating an issue impacting transactions on https://t.co/ohqDivCZYw and the mobile apps. The record of a recently initiated transaction may be delayed in showing up in your Coinbase account. There may also be some issues with some buys completing on the platform.
— Coinbase Support (@CoinbaseSupport) January 11, 2021
Coinbase also requested users to not re-submit their requests as it would create fake logs and generate duplicate transactions and also provided a link to the status page to check the progress of the investigation. The firm said,
Please do not re-submit your transaction – it will result in duplicate activity. Our teams are working to resolve this as quickly as possible and we’ll update in an hour where we are with a fix.
At present, the status page says the matter is still being investigated.
Coinbase Continues to Falter During Peak Trading Hours As IPO Nears
Coinbase has faltered over 7 times in the past couple of months out of which 4 came this months alone and we are only 11 days into the month and all these during the peak trading hours leading many traders to incur losses as well. The US-based crypto platform has filed for its IPO which might take place in the coming months, however, its continuous technical snags and failure to handle heavy loads has made many questions whether the idea for the IPO was pre-mature.
Coinbase has seen severe outages on the following days:
— Kyle S. Gibson (@KyleSGibson) January 11, 2021
Not just trading failures and technical snags, many traders have also complained about their account being suspended by the exchange without any reason or prior warning. Coinbase would really need to scale its infrastructure to meet the demands otherwise it would not only hamper its IPO but also may attract lawsuits from traders.