Coinbase's site down, Robinhood restricts crypto trading as bitcoin surges past $37,000

Bitcoin • January 29, 2021, 8:05AM EST
UPDATED: January 29, 2021, 3:29PM EST
The Block

UPDATE: (1:00 PM EST): Coinbase status page reports that "All services are back up. We are currently monitoring our systems."

UPDATE: (12:00 PM EST): Coinbase wrote on its status page at 11:52 AM EST:

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

UPDATE (11:19 AM ET): Coinbase users are reporting that they are unable to make USD purchases of BTC and ETH, an issue confirmed by The Block via Coinbase's app. 

At 10:37 am ET, Coinbase wrote on its status page:

"We're aware that some Coinbase and Coinbase Pro customers might have issues connecting to our web and mobile apps. Our team is looking into it and working hard to get service back to normal. We’ll be back with an update in 1 hour."

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Coinbase's website is suffering from an outage since 7:41 am EST Friday, according to the crypto exchange's status page.

The exchange said it is currently investigating the issue. Meanwhile, the popular trading app Robinhood told CNBC that it has halted the instant crypto buying feature due to "extraordinary market conditions."

“Customers can still use settled funds to buy crypto. We’ll keep monitoring market conditions and communicating with our customers,” said Robinhood.

The issues occur as bitcoin has surged past $37,000 today after support from Tesla CEO Elon Musk.

Earlier today, Musk changed his Twitter bio to mention only Bitcoin. Shortly after that change, Musk tweeted, "In retrospect, it was inevitable," possibly meaning that the bitcoin mention was sure to happen.

Bitcoin is currently trading at around $37,500, according to The Block's Data Dashboard. 

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Yogita Khatri is a senior reporter at The Block, covering all things crypto. As one of the earliest team members, Yogita has played a pivotal role in breaking numerous stories, exclusives and scoops. With nearly 3,000 articles under her belt, Yogita holds the records as The Block's most-published and most-read author of all time. Prior to joining The Block, Yogita worked at crypto publication CoinDesk and The Economic Times, where she wrote on personal finance. To contact her, email: [email protected]. For her latest work, follow her on X @Yogita_Khatri5.

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