coincodex.com
Key takeaways:
- Coinbase users were unable to perform transactions involving US bank accounts during a roughly six-hour period on Sunday
- The Coinbase technical team has identified the issue and resolved the technical problem that prevented the processing of ACH transfers
- The price of COIN dropped to $63 in pre-market trading on Monday
Users reported problems with payments and withdrawals from US bank accounts
Coinbase, the world’s largest publicly traded digital assets exchange, had suffered a roughly six-hour outage during the weekend that prevented users from making payments and withdrawals using US bank accounts.
The Coinbase Support team kept afflicted users updated via a series of tweets on Sunday, finally noting that the issue was resolved at 4:41 p.m. UTC.
We’ve fully resolved this issue and ACH transfers are now processing. We apologize for the inconvenience. https://t.co/dezVgcaagm
— Coinbase Support (@CoinbaseSupport) October 2, 2022
According to the exchange’s status page, the company’s internal system had suffered a “major outage”.
The price of Coinbase shares extends yearly losses to nearly -75%
While the issue involving the processing of automated clearing house (ACH) has been fixed relatively swiftly by the Coinbase technical team, the price of Coinbase shares dipped to $63 in pre-market trading – potentially as a result of faulty transfers.
COIN closed Friday trading at $64.50, extending its year-to-date (YTD) losses to -74%.
According to a Q2 2022 earnings report, Coinbase recorded a net loss of more than $1 billion during the three-month period between April and June, leading to an earnings per share (EPS) loss of -$4.95. In Q1, the company recorded an operating loss of $429 million and an EPS of -$1.98.
Per the range of Wall Street analysts' earnings estimates curated by MarketBeat, Coinbase could see a trend reversal in Q3 and Q4, with an EPS of -$0.67 and -$0.44, respectively. The Q3 earnings report is excepted on November 8.