As a seasoned analyst with years of experience in the volatile world of cryptocurrency, I find myself both intrigued and slightly apprehensive about Coinbase’s upcoming system upgrade. Having witnessed firsthand the impact of such events on exchanges like Coinbase, I can’t help but recall the infamous outage that occurred when Bitcoin hit its all-time high.
American digital currency trading platform, Coinbase Global Inc., has chosen to notify its users about a forthcoming short-term shutdown on their system. The exchange explained that the temporary downtime is due to planned maintenance and updates they are preparing to implement.
Coinbase Plans a System Upgrade
On Saturday, October 26, 2024, our planned update is set to begin around 9 AM Pacific Time and continue for approximately two hours. During this time, various services offered by our exchange will be impacted, such as the Simple Trade and Advanced Trade options. Furthermore, trading activities on platforms like Coinbase Exchange and Prime will also be temporarily halted.
Based on information from the digital asset service provider, there will be no transfer options available on Coinbase Exchange temporarily. Any transfers currently in progress may experience delays. Despite this, users can still access their accounts without taking any additional steps. Previously, Coinbase has encountered similar service interruptions.
As an analyst, I experienced a significant event when Bitcoin reached its unprecedented peak of over $73,000. During this time, Coinbase, a major platform for cryptocurrency trading, encountered a massive service disruption – marking the third such incident in just two weeks.
In May, the crypto exchange temporarily halted its operations system-wide, but swiftly recovered. Users encountered a “503 Service Temporarily Unavailable” message. After rectifying the issue, Coinbase expressed regret for any inconvenience experienced by users during the downtime and assured them that services would be restored.
This advancement might temporarily lead to some hassles, but it’s predicted to result in enhancements for the trading platform and its Layer-2 blockchain, Base. Significantly, the introduction of cbBTC could yield comparable long-term impacts on the Base Network. Specifically, it’s anticipated that the “Uptober” excitement will boost network activity on the Base Network in the near future.
Exchanges and Flagship Listings
In a recent update from Coinbase, they’ve been expanding their platform to accommodate more up-and-coming projects within the cryptocurrency sector.
In one scenario like this, users were advised against transferring EigenLayer (EIGEN) through other networks as it might lead to loss of funds. This is due to Coinbase integrating EIGEN into the Ethereum network as an ERC-20 Token. Moreover, Coinbase will enable transactions for this asset in locations where their trading activities are permissible.
Binance has announced that EIGEN is now listed on their platform. Trading of EIGEN against specific pairs such as BTC, USDT, FDUSD, and TRY began today at 05:00 UTC. Notably, five new trading pairs for EIGEN have been made available for users to trade.
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2024-10-01 19:52