TL; DR Breakdown
- Coinbase users continue to face technical issues.
- The exchange claimed it had fixed the issues.
- Elon Musk warns traders against centralized exchanges.
Trading crypto on exchanges has been regarded as one of the few best ways to make profits in the crypto market. According to a report, San Francisco-based crypto exchange, Coinbase is facing some technical issues. The report states that the technical issue, which is not the first this year stems from a series of connectivity problems the platform has battled with in the past few months. According to a tweet from the support handle of the crypto exchange, both of their platforms Coinbase and Coinbase Pro were said to be down for a long time yesterday.
Coinbase claims issue has been fixed
According to the support handle, the issues resulted in the majority of the customers witnessing failed trades and connectivity issues in their mobile apps, among others. However, a new tweet by the exchange’s support handle has mentioned that the problems were now fixed. According to the handle, traders who intend to use the Coinbase products and services can now do so without issues.
Going by records, the technical staff of the crypto exchange was said to have battled with the problems and only succeeded after two hours. Users were quick to take to Twitter to call out the crypto exchange, reminding them of a previous technical issue about a month ago. According to most of them, the connectivity issues resulted from new traders flocking into the platform to trade high-flying coins such as Crypto.com, Shiba Inu, and GYEN.
Elon Musk wants traders against centralized exchanges
A recent CoinGecko data shows that Crypto.com token CRO saw a massive 300% jump on Coinbase after it was listed in November. Also, Coinbase has restricted traders from buying and selling GYEN since November 19. Even though Coinbase released a tweet today to say the problem was fixed, some users have signaled that they are still facing issues.
According to a user, the problem persisted yesterday before he went to bed, and the problem continued after the platform said it had been fixed. Although the Coinbase Support team is still entertaining questions regarding the issues, the platform has failed to update the technical issues. According to an update by a firm spokesperson, there were issues but all the issues witnessed have now been fixed, and things are up and running perfectly.
Reacting to this, Tesla Boss Elon Musk has urged crypto traders to take their holdings away from centralized exchanges. He mentioned that traders should not consider trading with any exchange that wants to hold on to their private keys for them.