Coinbase Global Inc. COIN said it had resolved the issue of failing trades on its platform.
What Happened: Users of Coinbase reported that simple trades on the Coin exchange were not being processed on Tuesday. Some users said they were unable to withdraw their cryptocurrencies from the platform.
In a Twitter update, Coinbase Support acknowledged the issue of some trades intermittently failing and said their team had already implemented a fix. Why It's Important: Many users criticized the fact that the outage occurred at a time when the market for cryptocurrencies was in the midst of a major downturn.
After disappointing CPI numbers, markets were in turmoil as a result of the US inflation data. The price of Bitcoin BTCUSD plunged from $22,000 to a low of $20,062 on Tuesday, followed by Ethereum ETH USD, Doge coin DOGE USD and several other leading cryptocurrencies.