In a rather surprising event, the US-based digital asset trading exchange, Coinbase Pro, suspended its Bitcoin [BTC] trading for over two hours on April 11. According to an official statement by the firm, the move was made to resolve an undisclosed issue in their system.
On April 11, at around 6 pm PDT, the exchange stated through an official live update that they were “investigating issues” with its Bitcoin to US Dollar trading. However, after a few minutes, another update said that it was deemed necessary by the team to cancel all live and pending orders pertaining to the BTC-USD market.
This issue was relatively grave as it took the Coinbase Pro team approximately 2 hours to rectify. Trading resumed gradually. At 7 pm, Coinbase published another update which read,
“We are continuing to work through the cancel process, upon completion we will re-open BTC-USD in post-only mode for at least 1 minute.”
Approximately 45 minutes later, BTC-USD trading opened in a post-only mode, but it was notified that open and pending orders had to be cancelled. Following this, at around 7.50 pm, USD-BTC trading was back online on the platform.
This effectively meant that anyone who had any live or pending orders had to submit them again for it to be activated.
This sudden service outage comes almost four months after Coinbase Pro’s Ethereum markets went through a similar issue, cited TNW. In December 2018, Ethereum saw a flash crash on the platform after the token’s price plummeted from $100 to $13, and then surged to $97 within a few minutes.
In other developments, Coinbase recently announced that it was partnering with Visa to launch a Coinbase Card. The card will be a Visa debit card powered by the holder’s Coinbase crypto-wallet. The official statement read,
“Coinbase Card is powered by customers’ Coinbase account crypto balances, giving them the ability to pay in-store and online using bitcoin, ethereum, litecoin, and more. Customers can use their card in millions of locations around the world, making payments through contactless, Chip and PIN, as well as cash withdrawals from ATMs.”
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