The Coinbase trading platforms had another outage yesterday as volatility in the cryptocurrency market increases
The US-based cryptocurrency exchange Coinbase had another outage a few hours ago. The power outage had an impact on the website and mobile apps as cryptocurrency exchanges tackled this recurring problem for the past few weeks. Coinbase appears to suffer a failure when the price and trading volume of Bitcoin increases.
Coinbase announced its failure via a tweet. It states: “We are currently investigating connectivity issues with Coinbase and Coinbase Pro. We are working quickly to implement a fix and will send an update as soon as it is fixed. “
The cryptocurrency exchange later tweeted that it implemented a solution to the problem and is monitoring the results. The outage wasn’t just seen at Coinbase as some platforms around the world were affected. The cloud provider Amazon Web Service (AWS) experienced outages that affected several platforms that host their services with them.
Coinbase has a track record of outages during busy trading periods in 2020. On November 16, Coinbase reported a similar outage, making the website and mobile app inaccessible to traders and investors for a few hours.
The final outage comes as Bitcoin price continues to suffer this week. The top cryptocurrency crossed the $ 19,000 mark a few days ago, but has lost more than $ 2,000 since then. At the time of this news, BTC is down 3.5% in the past 24 hours and is trading at $ 17,236 per coin.
Coinbase plagued by yet another controversy
Coinbase has been a hotbed of controversy this year. After asking its employees to stay away from political opinions a few months ago, the company is on the verge of yet another major controversy.
The company published a blog post yesterday based on an unpublished article in the New York Times (NYT). The upcoming article claims that black employees have had negative experiences working at Coinbase.
The article was written by NYT journalist Nathaniel Popper, who has interviewed current and former Coinbase employees for the past few weeks. The article states that most of the black workers and contractors mentioned in the story have filed complaints with Coinbase.
However, Coinbase came out to refute the allegations and explain that only three black employees filed complaints during their tenure at Coinbase and all complaints were properly investigated. After investigations by both internal and external agencies, Coinbase found no evidence of wrongdoing and concluded that the allegations were unfounded.
The New York Times article has yet to be published but it could further detract from Coinbase’s credibility in the market.