Coinbase Outage Impacts Bitcoin Traders

Coinbase Outage Impacts Bitcoin Traders

Alexandra Negrini
1 min read

Coinbase Faces Major Outage During Bitcoin Price Correction

Crypto exchange leader Coinbase encountered a significant outage on May 14, 2024, impacting users' access to the platform amid a Bitcoin price correction. The outage, commencing at 4:15 AM UTC, presented a "503 Service Temporarily Unavailable" message, although Coinbase reassured its clients about the safety of their funds. This event is not an anomaly, as brief outages have previously occurred due to escalated trading activity. The platform resolved the issue after about three and a half hours. However, some customers may still encounter degraded transaction performance. The outage coincided with Bitcoin's price plummet from $62,700 to $61,490, signaling a 1.8% decline for the day.

Key Takeaways

  • Coinbase, the prominent US-based crypto exchange, witnessed a major outage on May 14, 2024, impacting user operations during a Bitcoin price correction, leading to a 1.8% drop in BTC value that day.
  • Users were assured by Coinbase about the safety of their funds, and the issue was rectified after a few hours.
  • Similar issues have arisen in the past due to heightened market volatility and increased trading activity.
  • Some traders interpret Coinbase outages as a potential indicator of substantial Bitcoin price fluctuations.


The outage experienced by Coinbase on May 14, 2024, raises concerns about the exchange's infrastructure resilience and its capacity to manage heightened trading activity and market volatility. Such disruptions could potentially shake the confidence of investors and users in the exchange's reliability and operational stability.

Did You Know?

  • 503 Service Temporarily Unavailable: This HTTP status code indicates that the server is presently incapable of handling requests due to a temporary overload or scheduled maintenance. During the Coinbase outage, this message was displayed to users attempting to access the platform.
  • Bitcoin Price Correction: In financial markets, a price correction refers to a significant decline in an asset's price following a period of rapid growth. In this instance, Bitcoin's price experienced a correction, dropping from $62,700 to $61,490, representing a 1.8% decrease amid the Coinbase outage.
  • Crypto Exchange Leader Coinbase: Coinbase is a prominent US-based cryptocurrency exchange, offering trading services for various digital assets, such as Bitcoin, Ethereum, and Litecoin. It caters to both retail and institutional investors and has played a pivotal role in bringing cryptocurrencies into the mainstream financial market.

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