The rollercoaster in the cryptoverse, with some hits and near misses, continues. In the latest development, cryptocurrency exchange Coinbase (NASDAQ:COIN) faced a nearly three-hour-long system-wide outage on its platform. Although the company managed to resolve the glitch, its share price tumbled by over 2% in the early trading session today.
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The Outage
The outage resulted in some users facing challenges in sending crypto tokens or making withdrawals. At last check, Coinbase noted that it had managed to resolve the incident and that the company was continuing to investigate the issue.
Nevertheless, the outage, which occurred at the largest crypto exchange in the U.S., resulted in its own minor damage. Both Bitcoin (BTC-USD) and Ethereum (ETH-USD) are down by nearly 2% over the past 24 hours. Notably, the issue also impacted trading on COIN’s website and mobile app.
Not the First Stumble at COIN
Earlier, in March, issues on COIN’s platform had resulted in a display of “Zero” account balances in some users’ accounts. That could be a bitter pill to swallow for someone betting big on the crypto boom. This time, the issue on COIN’s website only came to notice after some users took to X (formerly Twitter) to complain that the site was not functioning.
For now, Coinbase has cautioned that some users may experience transaction failures, but assured that their funds are safe.
What Is the Price Forecast for COIN Stock?
Despite recent price weakness in COIN stock as well as the broader crypto market, the company’s shares are still up by nearly 228% over the past year. Overall, the Street has a Moderate Buy consensus rating on the stock, alongside an average COIN price target of $240. This points to a nearly 20.3% potential upside in COIN’s share price.
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