Coinbase Users Report Seeing Empty Balances While Bitcoin Peaks at $60K, Leaving Many in Disbelief

A number of individuals using the cryptocurrency exchange Coinbase in the United States have experienced bizarre occurrences, where their account balances seemed to reset to zero. This occurred while Bitcoin (BTC) was enjoying a significant surge yesterday, which later underwent a sharp reversal. Coinbase Coinbase acknowledged the situation, stating, 'We know that several users might see a zero balance in their accounts and could face difficulties when attempting to buy or sell. Our team is currently investigating the matter and will update you soon. Rest assured, your assets remain secure.'

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Coinbase Confronts Service Interruptions as Bitcoin Prices Fluctuate Rapidly

The disruption arose shortly after Bitcoin surged past the $60,000 mark, where it subsequently climbed to roughly $64,000 before swiftly dropping back to around $60,000 in roughly one hour’s time.

Following the Bitcoin price reaching a historic $60,000, a milestone it hadn't touched since November 2021, Coinbase CEO Brian Armstrong shared insights on social media, noting the traffic volume surged beyond their expectations by about tenfold. He addressed the costs of maintaining an overloaded system and reiterated their focus on improving auto-scaling capabilities while working through existing performance bottlenecks.

At present, Bitcoin, the leading cryptocurrency by market cap, is trading at $62,526, indicating over a 7% rise within the last 24 hours, according to CoinMarketCap. With the stage set for a potential bull market leading up to the halving, there’s a chance Bitcoin could surpass its historic high of $69,000 observed in 2021 in the upcoming months.

Yet, this isn't the first time Coinbase has had to deal with outages induced by elevated trading volumes. In May 2020, the platform temporarily shut down following a swift 10% drop in Bitcoin's price within just half an hour. A similar incident occurred in June 2019 when the currency faced a dramatic $1,800 fall in a mere 15 minutes. new highs Coinbase’s current service outages amid Bitcoin's rapid price movements underscores the persistent challenges the exchange faces when it comes to managing acute user demand.

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