From around eight o'clock today evening players from all over the world reporting problems with Xbox Live. People can't log into their accounts to play games. This is especially annoying for those who wanted to play something tonight.
Microsoft is investigating the issue and links to page about Xbox Live status. It is confirmed at the time of writing account and profile outage. So the problem really isn't yours. You don't have to worry about your console, your computer, or your account, including your purchased content.
The outage was reported at 20:07 CET and the problem was identified at 22:37. It has been in solution since then.
The incident is described as big outage. More than 40,000 people reported the problem on Down Detector. Microsoft has confirmed that the sign-in issue affects Xbox Series X/S, Xbox One, Xbox 360, mobile devices, web services, cloud games, backwards compatibility, and the Xbox app on Windows.