- Coinbase exchange users claim that the exchange does not function when BTC’s price increases or decreases drastically.
- When such incidents occur, users are unable to either trade or withdraw their coins.
- Coinbase is yet to explain the issue.
Coinbase crypto exchange users have observed that the exchange experiences a technical glitch every time the price Bitcoin crosses a threshold of about 5%. When this occurs, users are unable to either trade or withdraw their coins. This puts them at a disadvantage as these are the times when proactive actions are needed the most.
Such an incident happened recently when BTC’s price rose from $9,600 to over $10,300 in an hour. This was followed by a message on the Coinbase website, stating that service is “temporarily not available”. This issue was not left neglected by the users.
A trader and market researcher [@CryptoWhale] took to Twitter to report his observations of the Coinbase work patterns. He stated that the exchange normally goes down each time BTC price records alteration of more than $500 at a time.
A similar pattern also occurs when BTC displays a sharp downfall trend, obstructing traders who want to trade immediately. On May 9, the price of BTC dropped massively, recording a loss of almost $2000. The exchange underwent malfunctions then as well. Coinbase is yet to explain why it is not able to function during significant price swings.
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