Coinbase users were temporarily unable to buy Bitcoin yesterday, but the trading platform is now back to normal.
The large crypto exchange Coinbase was only accessible to a limited extent in the last few hours
Not a novelty, because the crypto trading platform and its offshoot Coinbase Pro have to struggle with failures again and again .
After users had initially reported difficulty confirmed Coinbase the failures now, by pointing out that all services are running normally. „All services are online again,“ as the corresponding message says.
Morgan Creek Digital co-founder and crypto expert Anthony Pompliano wrote on Twitter on Friday morning that “Coinbase has shut down the buying and selling of some cryptocurrencies. This was followed mainly by responses from crypto users in the USA, who showed with screenshots that these problems occurred primarily when buying in US dollars.
However, the crypto journalist Ryan Broderick shows that buying Bitcoin in euros no longer works smoothly, which suggests that the problems stem from the entire market.
For this reason, Broderick suspects that the “GameStop effect” is responsible for the current situation. The social media hype surrounding the stock and the resulting controversy then spilled over into the crypto market.
„Context: Many large Twitter accounts have #Bitcoin written in their Twitter status, including Elon Musk. As a result, BTC has gained 15% in the last 24 hours. „
The big hype has probably also aroused new interest in the mainstream , and since Coinbase is one of the most beginner-friendly crypto exchanges, their failures could be explained by a sudden rush of new crypto investors, Broderick concludes.
In the past year, the trading platform already had several failures , each of which coincided with massive Bitcoin price movements, which supports the thesis that Coinbase apparently collapses under high load.