Hopefully it will be back up soon.
Update: This issue has now been resolved but a new set of issues have occurred. You can check out that update here.
Microsoft’s online gaming service, Xbox Live is currently suffering from 0x80048834 error when players are trying to sign in to the service. The issue is only affecting Xbox One owners and this does not apply to Xbox 360 users. However Microsoft are already investigating the issue and hopefully this will be fixed soon.
The official Xbox Live status page shows the following message: Are you getting a 0x80048834 error when trying to sign in to Xbox Live? As we write this, our engineers are working to provide a fix. Thanks for staying patient, Xbox members! We’ll keep you updated as soon as we know more.
Microsoft faced a similar issue earlier this week which they sorted out, so hopefully they’ll manage to resolve this as soon as possible. We will keep you updated when the service is restored.