As Bitcoin fell to under US$30,000, dragging a number of other cryptocurrencies down with it, and wiping US$200 billion from the market in a single day, many panicked investors attempted to withdraw their rapidly dwindling funds, only to find they couldn’t.
This morning, users of Coinbase, the largest cryptocurrency exchange in the United States, were suddenly unable to withdraw their funds, heightening the overall panic in the marketplace.
“We are aware that some customers are having issues trading and accessing accounts on Coinbase and Coinbase Pro,” the exchange tweeted.
“Your funds are safe, and we are actively working on the issue. We’ll provide an update here soon.”
This is the latest headache for Coinbase, who has seen half its market value wiped within a week, as falling crypto prices hit exchanges extra hard.
After a few hours, Coinbase reported “the underlying issue that caused difficulties is resolved and full service has been restored.
“We recognize these times can be frustrating,” it added, “and we remain vigilant to ensure our services remain top-notch. Thanks for bearing with us!”
Given the current bear market, it’s unclear whether the pun was intended.