- The crypto exchange suffered another outage yesterday, just days after a similar outage.
- A Coinbase spokesperson said the exchange is working hard to improve its capacity.
- Coinbase’s stock price and rankings in the app store have soared amid the latest rally.
Coinbase outages are becoming more common as Bitcoin edges towards a new all-time high.
Just yesterday, the largest crypto exchange in the US was hit by another outage — it’s second in less than a week.
“We are aware some users may experience increased latency across Coinbase.com, and a few users may see intermittent zero balance,” the exchange said in a statement on Monday.
Its previous service disruption last month also displayed a temporary zero balance for its users, alongside accounts experiencing “errors in buying and selling,” the exchange said at the time.
“We are encouraged by the excitement in the market and are continuing to double down the capacity and resilience of our systems,” a Coinbase spokesperson told DL News.
Coinbase has been criticised for numerous technical issues over the years, which have typically occurred during heavy trading sessions or periods of high demand.
Investors haven’t been bothered by the outages, however.
Coinbase’s share price is up 46% this year to $229.15. That’s a significant increase from its all-time low of $33.26, last seen on January 6, 2023.
The exchange’s app has also soared in popularity in the US download rankings for finance apps, offering up yet another metric for crypto bulls tracking this cycle’s optimism.
The exchange’s smartphone app has risen to the seventh spot on Apple’s App Store, up 85% from its February 4 ranking of the 47th most downloaded finance app.
Coinbase on the Google Play Store has also jumped from 64th to 24th over the same period, data from market intelligence firm Sensor Tower shows.
Institutional and retail investors’ attention on cryptocurrencies has soared following the approval of 10 US-based spot Bitcoin exchange-traded funds on January 10.
While that interest has helped push Coinbase’s rankings and its share price, increased demand from trade activity has continued to test the limits of the exchange’s infrastructure.
Sebastian Sinclair is a markets correspondent for DL News. Have a tip? Contact Seb at sebastian@dlnews.com.