Coinbase Pro, the popular US-based cryptocurrency exchange, is DOWN for maintenance.
This is much to the anguish of traders and investors who now notes that the exchange can’t withstand the slightest of rallies.
They also complain that the exchange is often down for maintenance whenever there are significant price movement of listed traded assets.
Bitcoin, Litecoin, and Top 10 Coins Gain
At pixel time, Bitcoin bulls are building on this week’s superb gains, adding to their longs and retesting a key resistance zone.
The $9,500-600 zone is an important liquidation line, a previous support before prices cratered, falling below Sep 2019 in a correction following an exemplary performance in the first half of 2019.
Litecoin, Bitcoin SV, and most coins in the top 10 have also registered marginal gains in the past hour.
Coinbase is a “Clown Show”
Some members of the trading community couldn’t take it, with most expressing their displeasure, even though Coinbase announced this scheduled maintenance yesterday. Vijay Boyapati, a crypto influencer, tweeted:
“It’s been almost 3 years since the 2017 Coinbase clown show and they still can’t keep their website up in the smallest of rallies. Brian Armstrong get your house in order! It’s dangerous that such an unreliable website is such a major source of USD liquidity.”
It's been almost 3 years since the 2017 @Coinbase clown show and they still can't keep their website up in the smallest of rallies. @brian_armstrong get your house in order! It's dangerous that such an unreliable website is such a major source of USD liquidity. pic.twitter.com/J75OZLrJ7b
— Vijay Boyapati (@real_vijay) January 30, 2020
Another attributed this to the exchange’s listing of shitcoins and failing to grasp the opportunity of becoming the true “Apple” of the crypto space:
“They’re busy listing scam/shitcoins and rushing to do all the integrations for those. I still can’t believe how Brian and Coinbase blew a big time opportunity to be the “Apple” of exchanges into becoming “yet another exchange “
They’re busy listing scam/shitcoins and rushing to do all the integrations for those.
I still can’t believe how Brian and Coinbase blew a big time opportunity to be the “Apple” of exchanges into becoming “yet another exchange “
— Bit Orca (@crypto_orca) January 30, 2020
Others now say this is the right time to dump Bitcoin and leading assets:
dump it before Coinbase maintenance
make them go short
then pump it to 10k pic.twitter.com/2t4RqGqxkS
— REKT Teka$hi (@Rekt_Tekashi) January 30, 2020
Reminder of 2017 Coinbase’s Outages
Clients have, since the 2017 bull rally, been complaining of Coinbase’s 1-star customer services and server maintenance whenever prices rally.
A similar outage back in 2017 was also interpreted as “obnoxious”.
Then, a Redditor tried explaining saying these outages were necessary for the exchange to stem outflows and meet withdrawal demands of BTC/LTC:
“During these “outages” (price increases) Coinbase need to temporarily shut their doors so they can load up on Bitcoin (or Litecoin) so they’ll have enough to satisfy their customers demand for crypto. That is- actual crypto, not the fictional crypto they tell you that you have when you make an instant purchase. Not your crypto until it hits the blockchain and is in UTXOs YOU control.”