21-11-2024 (SAN JOSE) Global payments giant PayPal has acknowledged significant system issues affecting multiple services across its platform, coinciding with a historic rally in cryptocurrency markets that saw Bitcoin surpass $98,000.
The technical disruption, which began affecting users on Thursday, has particularly impacted cryptocurrency transactions, drawing attention at a crucial moment when digital currency trading volumes are soaring. PayPal’s crypto service, which enables users to trade and hold various digital currencies, has been among the affected features.
The scale of the outage became apparent as nearly 9,000 users reported difficulties with PayPal transactions by 12:26 GMT, according to outage tracking service Downdetector. The problems appear to have rippled through the broader crypto ecosystem, with major exchanges Coinbase and Kraken also reporting related disruptions to PayPal transactions and deposit processing.
