In a dramatic turn of events today, the cryptocurrency exchange Coinbase faced a significant outage.
It left countless users in disarray, just as Bitcoin’s value soared past the $60,000 mark.
Coinbase Faces Network Outage
Starting the day at $57,074, Bitcoin witnessed a staggering 12.66% increase. It peaked at an intraday high of $64,300 before undergoing a 6.26% correction to $60,000. The price dip occurred on news that Binance executives were detained in Nigeria.
Given the spike in Bitcoin’s price volatility, Coinbase was overwhelmed by a surge in traffic. Many users reported seeing a zero balance in their Coinbase accounts and encountered errors while attempting to buy or sell cryptocurrencies.
The Coinbase Team promptly addressed the concerns, assuring users of the safety of their assets and promising a swift resolution.
“We are aware that some users may see a zero balance across their Coinbase accounts & may experience errors in buying or selling. Our team is investigating this & will provide an update shortly. Your assets are safe,” stated the Coinbase Team in a recent communication.
Read more: Coinbase Review 2024: The Best Crypto Exchange for Beginners?
Meanwhile, Coinbase’s CEO Brian Armstrong attributed the platform’s issues to the overwhelming influx of traffic sparked by Bitcoin’s remarkable performance.
“We are dealing with a large surge of traffic – apologies for any issues you encounter. The team is working to remediate,” Armstrong commented.
His statement reflects cryptocurrency exchanges’ challenges in maintaining service stability amid unpredictable market movements. This incident also highlights the cryptocurrency market’s inherent risks and operational challenges. Indeed, today’s events are a stark reminder of the volatile nature of cryptocurrencies and the technical hurdles that exchanges must overcome to cater to their growing user base.
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