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Outage At Coinbase Hits Users Wednesday Morning

Outage At Coinbase Hits Users Wednesday Morning

May 19, 2021 at 04:14PM
by PYMNTS

Digital currency exchange Coinbase is fixing and monitoring intermittent downtime on its platforms, according to the company’s status page on Wednesday (May 19), as the prices of some of the most popular cryptos drop.

In terms of intermittent downtime on Coinbase platforms, Coinbase said as of 7:38 a.m. Pacific Time that “a fix has been implemented and we are monitoring the results.” And, in terms of delayed ETH and ERC-20 withdrawals, Coinbase said as of 6:26 a.m. Pacific Time that “we are investigating delays in ETH and ERC-20 withdrawals due to network congestion. All funds remain safe and secure. Deposits are unaffected.”

In a tweet, Binance said that “$ETH and ERC20 withdrawals are temporarily disabled due to network congestion. Thank you for your patience and apologies for any inconvenience caused.” The company said in a later tweet that “$ETH and ERC20 withdrawals have been resumed. Withdrawal fees have been temporarily raised to account for the current gas prices.”

The price of ETH fell approximately 23 percent over the last 24 hours, according to Coindesk as of approximately 11 A.M. Eastern Time on Wednesday (May 19), while the price of bitcoin fell approximately 15 percent over the last 24 hours.

As PYMNTS reported on Wednesday (May 19), banking regulators in China have prohibited financial institutions from offerings services connected with digital currencies.

The move, combined with comments from Tesla Founder Elon Musk creating confusion over as to if the electric automaker had shed its bitcoin holdings, sent bitcoin and other digital currencies plunging.

“Financial institutions, payment institutions and other member units must earnestly strengthen their social responsibilities. They must not use virtual currency to price products and services, underwrite insurance businesses related to virtual currencies or include virtual currencies in the scope of insurance liability, and must not directly or indirectly provide customers with other services,” the China Internet Finance Association, China Banking Association and China Payment and Clearing Association said in a joint statement, as per Google’s digital translation tool.