Bitcoin Price Drops Toward $61K as Coinbase Reports System-Wide Outage

5 months ago 61

The largest US-based cryptocurrency exchange informed its customers minutes ago that it is experiencing a system-wide outage but also reassured them that all funds are safe.

While it may not be entirely related, the price of bitcoin reacted with an immediate price drop that drove it south by almost a grand.

The Coinbase status page highlighted the issue just a few hours ago, adding that the team has begun investigating it. Minutes ago, there was another update saying they continue to look into the problem.

These “system-outage” warnings came just minutes after more issues, described as “degraded transactions,” in which users reported failures when sending crypto or withdrawing fiat currencies.

After both problems, though, Coinbase wrote that “all funds are safe.”

At the same time these issues came to light, BTC’s price headed south and dropped by more than a grand in minutes. Although these events might not be related, it’s safe to assume that issues with the largest US crypto exchange can impact bitcoin’s price movements.

The asset dropped from $62,700 to $61,450 in minutes. Moreover, BTC is down by two grand from yesterday’s peak at $63,400.