Coinbase outage reported amid crypto selloff

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Cryptocurrency exchange Coinbase is experiencing an outage amid a massive sell-off Wednesday.

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Downdetector, a website that tracks outages, notes that as many as 2,829 people reported problems with Coinbase as of approximately 9:17 a.m.

According to a status update on Coinbase's website, the platform said users are seeing delays in withdrawals of Ethereum and ERC-20 withdrawals due to network congestion.

"All funds remain safe and secure," Coinbase said. "Deposits are unaffected."

Coinbase says that a fix has been implemented and that they are "monitoring the results."

Investors expressed their frustration over Coinbase's outage on Twitter Wednesday as they tried to log in and buy the dip. 

In addition to Coinbase, cryptocurrency investing platform Binance also reported that Ethereum and ERC-20 withdrawals would be temporarily disabled on its platform due to network congestion.

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According to prices tracked by Coindesk, the world's largest cryptocurrency, Bitcoin, is down about 18% in the last 24 hours, trading near $35,000 per coin. 

Source: Coindesk

Meanwhile, Ethereum is down about 27% in the last 24 hours, trading near $2,400 per coin and Dogecoin is down about 30%, trading at about 33 cents per coin. Other cryptocurrencies taking a major hit include XRP, down 28% around 44 cents per coin, Stellar, down 35% at about 42 cents per coin, Bitcoin Cash, down about 37% at $676.76 per coin, and Litecoin, down about 34% at $194.14 per coin. 

Shares of Coinbase have fallen as much as 9% during Wednesday's trading session. 

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