In a recent announcement, Coinbase, the largest US-based cryptocurrency exchange, informed its customers of a system-wide outage, causing immediate concerns among traders.

Despite assurances of fund safety, the outage coincided with a significant drop in Bitcoin's (CRYPTO:BTC) price, falling from $62,700 to $61,450 in a matter of minutes.

While it's unclear if the outage directly caused the price decline, such issues with a major exchange can impact market sentiment and price movements.

Coinbase stated that investigations into the outage are ongoing, adding to concerns about the platform's reliability during times of high market volatility.