Adding another layer of uncertainty to the crypto market, major cryptocurrency exchange Coinbase went down today due to a “system-wide outage.” This comes at a time when Bitcoin (BTC) is precariously perched around the $60,000 mark, with investors waiting for key economic data.

The outage, which began on May 14th at 4:15 AM UTC, has rendered Coinbase’s services unusable on both desktop and mobile platforms. Users attempting to access their accounts are met with a “503 Service Temporarily Unavailable” message. While the exact cause of the outage is unknown, it is likely overloaded servers or routine maintenance gone wrong, according to experts.

Impact on the Market

The outage’s immediate impact on Bitcoin’s price is difficult to gauge. However, it could potentially dampen investor sentiment, especially for those who rely on Coinbase for trading or managing their cryptocurrency holdings. The inability to access accounts during a period of market volatility can be unsettling for some investors, leading them to postpone trades or even sell out of fear.

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Reassurance and Questions

Coinbase has assured users that their funds are safe and that they are actively working to resolve the issue. However, the outage raises questions about the exchange’s infrastructure and its ability to handle high trading volumes, especially during critical market movements.

A Market on Edge

This outage comes at a sensitive time for the cryptocurrency market. Bitcoin’s recent struggles to break above $63,000 coupled with the wait for US economic data has created an atmosphere of cautious optimism. The Coinbase outage adds another wrinkle to this already complex situation.

Looking Forward in Coinbase and Bitcoin reaction

The resolution of the Coinbase outage and Bitcoin’s reaction to the upcoming economic data will be crucial factors in determining the short-term direction of the cryptocurrency market. Investors will be closely watching how quickly Coinbase recovers and whether the outage has a lasting impact on investor confidence.