Coinbase, the largest cryptocurrency exchange in the USA, has recently turned into a nightmare for its users. Following the technical problem that occurred last week, where user balances appeared to be 0 dollars, the same problem occurred again on March 4, when Bitcoin approached 69 thousand dollars. Additionally, the bullish Shiba Inu (SHIB) price was 50 percent lower. Here are the details…
Coinbase problems continue
cryptokoin.com As we reported last week, Coinbase balances were problematic. Because with the price increase in BTC, the stock market could not handle the intense activity and the balances showed zero. According to the news reported by Bloomberg, experiencing the same error twice in a short time put Coinbase on the radar of US regulators. A spokesperson for the New York State Department of Financial Services announced that they are closely monitoring risks to consumers or institutions. In the statement made by the stock exchange, it was stated that the issue was investigated and all funds were safe:
We are aware that some users may experience increased latency across Coinbase and a few users may see intermittent zero balances. Rest assured, your money is safe. Our team is investigating this issue and will provide an update. Trading is not affected at this time.
Coinbase CEO Brian Armstrong stated that the sudden and excessive increase in user traffic following the previous technical problem caused such technical problems. These problems experienced in the giant stock exchange led to discussion among the cryptocurrency community.
Shiba Inu drops 50 percent on Coinbase
The problems were not limited to balances only. During the Asian session on Tuesday morning, the Shiba Inu (SHIB) price suddenly dropped 50 percent on the Coinbase exchange, but soon returned to normal. This unusual move coincided with a sell-off in major tokens, including Bitcoin. SHIB price dropped from $0.000044 to $0.000022 on Coinbase, while it fell to an average of $0.000036 on other exchanges such as Bybit and Kraken.
This shows that the decline in Coinbase is an anomaly. Such declines typically occur when a sell order exceeds the available market depth – or the available liquidity on a particular exchange at a particular time. As of European morning hours, SHIB’s market depth on Coinbase is at $1.2 million.
SHIB volume is at its highest level in the stock market
In the last 24 hours, spot SHIB volume exceeded $1.7 billion on Coinbase, reaching the highest level compared to other exchanges. This regulated exchange is one of the only ways US retail investors can participate in cryptocurrency markets. Despite the morning sales wave, the SHIB price increased by 45 percent in the last 24 hours.
The meme coin industry has rallied recently, rising more than 100 percent in the past week, according to data from CoinGecko. Technical problems at Coinbase and the sudden drop in the SHIB price raise concerns about the security and stability of cryptocurrency exchanges.
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