Coinbase back online after reporting outage amid crypto sell-off

Bitcoin has rebounded slightly after falling to around $32,000 per coin

Cryptocurrency exchange Coinbase has resumed service after experiencing an outage amid a massive sell-off Wednesday.

BITCOIN CRUMBLES BELOW $40,000 ON CHINA CRYPTO WARNING

Downdetector, a website that tracks outages, noted that as many as 2,829 people reported problems with Coinbase as of approximately 9:17 a.m.

Ticker Security Last Change Change %
COIN COINBASE GLOBAL 231.88 -7.22 -3.02%

According to a status update on Coinbase's website, the platform said users were seeing delays in withdrawals of Ethereum and ERC-20 due to network congestion.

"All funds remain safe and secure," Coinbase said. "Deposits are unaffected."

Coinbase later tweeted that a fix has been implemented and that they are "monitoring the results."

"However, you shouldn't run into any more trouble logging into Coinbase and Coinbase Pro," the company added. "We sincerely apologize for any trouble caused by this issue, and we thank you for your patience with us."

Investors expressed their frustration over Coinbase's outage on Twitter Wednesday as they tried to log in and buy the dip. 

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In addition to Coinbase, cryptocurrency investing platform Binance also reported that Ethereum and ERC-20 withdrawals would be temporarily disabled on its platform due to network congestion.

"$ETH and ERC20 withdrawals have been resumed," Binance later tweeted. "Withdrawal fees have been temporarily raised to account for the current gas prices."

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According to prices tracked by Coindesk, the world's largest cryptocurrency, Bitcoin, is now trading at around $40,000 per coin after falling to around $32,000 per coin earlier in the day. 

Source: Coindesk

Meanwhile, Ethereum is down about 15% in the last 24 hours, trading near $2,900 per coin and Dogecoin is down about 18%, trading at about 39 cents per coin. Other cryptocurrencies that have taken a major hit during the selloff include XRP, down 21% at around $1.29 per coin, Stellar, down 22% at about 51 cents per coin, Bitcoin Cash, down about 24% at $841.65 per coin, and Litecoin, down about 27% at $223.31 per coin.