Wednesday, 19 May 2021: Amidst what appears to be the sinking of digital coins, Coinbase seemed to be down on Wednesday. The company’s stock fell 10% just after trading began.
Several social media users seemed frustrated at the app and site’s error while cryptocurrencies were plunging, looking to buy the dip.
“We’re seeing some issues on Coinbase and Coinbase Pro and we’re aware some features may not be functioning completely normal,” the company said in a statement to CNBC. “We’re currently investigating these issues and will provide updates as soon as possible.”
A lot of social media users seemed frustrated at the app and site’s error while cryptocurrencies were plunging, looking to buy the dip.
Bitcoin, the world’s largest digital token, was down 25% in 24 hours to $33,147, according to Coindesk. Ether, the digital currency that powers the Ethereum blockchain, was down 37% in the last 24 hours to $2,227. Dogecoin also plunged 37% to 33 cents apiece.
Binance, another popular trading platform among retail investors, also announced Wednesday morning it was pausing some crypto withdrawals.
″$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 tweet.