Coinbase Resumes Operations Following Outage Amidst Reports of Zero Balances and Missing Crypto

Cryptocurrency exchange Coinbase is gradually returning to normalcy after experiencing technical disruptions, which led to users encountering zero balances on their accounts. The platform attributed the issue to a surge in traffic following a brief spike in Bitcoin's price, reaching approximately $64,000 before retracing.

Zero Balances Incident

On February 28, numerous Coinbase users were alarmed to find their account balances displaying zero funds upon logging into the app. This unexpected occurrence sparked panic and confusion, with some fearing a potential hack. However, Coinbase assured its users that their funds remained secure. CEO Brian Armstrong attributed the outage to a significant increase in traffic.

Coinbase Addresses Zero Balance Issue, Warns of Potential Transaction Errors Amid High Traffic

Coinbase issued a series of status updates acknowledging the zero balance issue and reported difficulties in buying and selling. While improvements were noted in customer trading, the exchange cautioned that heightened traffic might still lead to errors in transactions and payment methods for some users. The most recent update indicated a normalization of activity on Coinbase.com.

Coinbase Faces Technical Challenges Amid Market Surge as Bitcoin Hits Near-Record Highs

Armstrong mentioned that the Coinbase app was "recovering," having tested for a tenfold surge in traffic. However, the current situation surpassed the exchange's expectations. This outage is not an isolated incident, as Coinbase and other major exchanges, like Binance, have historically faced technical challenges during market surges.

The recent trading frenzy coincided with Bitcoin's price soaring to nearly $64,000, its highest level since November 2021, before slightly dropping to over $61,000 at the time of writing.

Crypto Community Reflects on Coinbase Outage Amid Market Pumps, Bullish Sentiments Persist Ahead of Bitcoin Halving

Coinbase's outage resumption has prompted discussions within the crypto community about the platform's historical performance during market pumps, often coinciding with users attempting to capitalize on profit opportunities. Additionally, amidst speculation surrounding the upcoming Bitcoin halving event in April 2024, along with other market factors, bullish sentiments persist, with some forecasts projecting Bitcoin's price to reach as high as $21 million per Bitcoin.

Coinbase's Technical Disruptions Highlight Cryptocurrency Exchange Challenges Amid Market Volatility

While Coinbase's recent technical disruptions have subsided, they underscore the challenges faced by cryptocurrency exchanges during periods of heightened market activity. As the industry continues to evolve, ensuring robust infrastructure becomes imperative to maintain user trust and facilitate seamless trading experiences.