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

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

While it may not be entirely related, the price of bitcoin reacted with an immediate price drop that sent it south by nearly a thousand dollars.

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 that they were continuing to investigate the issue.

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 issues, however, Coinbase wrote that “all funds are safe.”

At the same time as these issues came to light, the price of BTC plummeted and dropped over a thousand dollars in minutes. While these events may be unrelated, it is safe to assume that issues with the largest U.S. cryptocurrency exchange could impact bitcoin’s price movements.

The asset fell from $62,700 to $61,450 within minutes. Additionally, BTC dropped two thousand from yesterday’s peak for $63,400.

Bitcoin/Price/Chart 14.05.2024. Source: TradingView

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