On Sunday, the cryptocurrency exchange Coinbase encountered a problem. It prevented it from processing transactions originating from user accounts that were located in the United States.
The firm has indicated that it is working on a solution and has pinpointed the issue. As being related to unsuccessful ACH withdrawals, deposits, and purchases. The Automated Clearing House Network, more often known as ACH, is a system that allows for the electronic movement of cash between bank accounts in the United States.
After some time had passed, the official support page for Coinbase on Twitter issued a message in which it reassured users that the money in their accounts were secure and said that further details will be provided once functionality was restored.
According to CoinGecko’s research, in the preceding twenty-four hours, Coinbase’s trading volume on its exchange totaled approximately five hundred sixty nine million dollars. Following after at 4%, or $23 million, was SOL, which was the third most traded cryptocurrency after BTC and ETH.
The business determined that the problem was caused by a glitch in the Automated Clearing House (ACH) system. It is an electronic network that allows for the facilitation of internet transactions between banks in the United States.
Because of a technical issue, Coinbase was forced to temporarily block payments and withdrawals involving U.S. bank accounts. However, this issue has already been rectified. According to the system status page of the cryptocurrency exchange, which was updated on Sunday, the exchange said that the situation had been fixed.
This particular issue was not the only one plaguing the larger crypto ecosystem during the course of the weekend. According to the information provided on the company’s website, Solana had what it referred to as a severe outage. It lasted for more than six hours.
Tobias Lütke, the Chief Executive Officer of Shopify, has been quite active throughout the previous two months. He has bought roughly $3 million worth of shares of Coinbase when the stock price dropped.
The multibillionaire entrepreneur in the technology sector joined the board of Coinbase in February and presently has the position of director, both of which require him to report any transactions he makes to the SEC. Since August 11, the purchase data reveal that he has spent an average of around $369 thousand each week purchasing COIN shares.
Shares of Coinbase Global Inc. (Nasdaq: COIN) have seen better days, as seen by the fact that throughout the last year, COIN has experienced a loss of 73.47% in value. This is equivalent to a loss of 184 nominal United States dollars. On Monday, October 3, 2022, the price of COIN increased by 2.11% over the course of the previous twenty-four hours. And 0.93% over the course of the previous five days.
Moving ahead, all of Coinbase’s stockholders will need to have a firm belief in the company’s potential. The corporation is moving into the fourth quarter of this year facing a number of chronic challenges that extend well beyond the poor overall forecast for the macroeconomic environment.
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