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Coinbase Infuriates Its Users by Disabling Purchases

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Fri, 01/29/2021 - 16:10
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Alex Dovbnya
Cryptocurrency exchange Coinbase has disabled purchases of some cryptocurrency assets
Coinbase Infuriates Its Users by Disabling Purchases
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Cryptocurrency exchange Coinbase has halted USD purchases on its platform, with a plethora of users complaining about not being able to buy anything. 

Anthony Pompliano of Morgan Creek Digital suggests that the issue might be caused by the ongoing liquidity crisis: 

It could be a liquidity crisis where the exchanges don't have enough supply to fulfill demand.          

Coinbase
Image by @cryptonary

Related
Binance Suspends Withdrawals as New Users Are Rushing in Crypto

As reported by U.Today, the biggest U.S. exchange started experiencing outages earlier today after Bitcoin soared above $38,000.  

Because of unprecedented demand, Coinbase managed to surpass video-sharing social media TikTok on Apple's App Store.    

UPDATE 1: At 4:52 p.m. UTC, the exchange informed its users that it was "working hard" to resolve the issue:    

We are continuing to investigate a technical issue that caused us to disable trading and working hard to get the service back to normal.        

This is a developing story. Stay tuned for updates.   

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.