Coinbase don down pass 5 awa as AWS overheat make em activate cancel-only mode and cause BTC liquidations

Coinbase outage last pass five hours after one AWS server-facility (US-EAST-1, use1-az4) overheat incident wey disrupt trading and execution. Traders report say dem get incomplete fills and forced liquidations even as dem try close or sell. During the Coinbase outage, BTC drop come reach around $79,300, while liquidations total about $366.83K for the last hour and $823.78K over four hours. Coinbase talk say dem go restart markets gradually to protect order-book integrity, first move all pairs into “Cancel Only” mode (only cancellations allowed), then enable limited trading. After roughly six hours, BTC trading reportedly resume and price start to recover as other exchanges absorb volume during peak hours. For traders, key signals include liquidity fragmentation and higher near-term spread/exec risk around the staged reopening. Coinbase reportedly lose over 35% of prior-day trading volume (about $1.2B), with BTC making up over a third of Coinbase volume. Price discrepancies versus other centralized exchanges also show during the outage. Separate backdrop factors—Coinbase AI-related job cuts and a weakening Coinbase premium (BTC trading at a discount since late April)—add sentiment pressure, but the Coinbase outage remain the immediate volatility catalyst.