- Bitcoin price soared to an intraday high of $64,000 before a quick correction.
- Amid excessive trading, Coinbase exchange crashed with users reporting zero balance.
- Coinbase acknowledged the incident, committing to resolve the matter.
Coinbase has issued an update concerning the crash, indicating, “We’re beginning to see improvement in customer trading.” However. The US-based exchange acknowledges that because of increased traffic, some customers may still see errors when trying to log in to their accounts or execute transactions, but holds, “Rest assured your funds are safe.”
Meanwhile, Bitcoin price appears to have stabilized just above $60,000, with leverage being punished on both sides. If history rhymes, this could be a top signal.
This section below was published on February 28 at 18:49 GMT, around the time when news of the Coinbase Exchange crash broke.
Post-traumatic stress from the FTX cryptocurrency exchange debacle has crypto investors on the edge of their seats on Wednesday after Coinbase exchange crashed as users reported zero balance on their accounts.
Also Read: Bitcoin shatters $63,000 as Jim Cramer posses a rhetoric on BTC value for mankind
Coinbase exchange is down down
Amid the trading frenzy on Wednesday, which saw Bitcoin price rise to scrape $64,000, Coinbase, the largest crypto exchange in the US, crashed. Co-founder and CEO Brian Armstrong acknowledged the incident, citing a “LARGE surge of traffic.”
We are dealing with a LARGE surge of traffic – apologies for any issues you encounter. The team is working to remediate.
— Brian Armstrong ️ (@brian_armstrong) February 28, 2024
The platform’s customer support also reassured customers that while there could be errors in buying or selling, customer funds were safe. The reassurance came as some users reported zero balances despite having voluminous balances in their accounts.
COINBASE: YOUR ASSETS ARE SAFE
COINBASE: TEAM IS INVESTIGATING ISSUE & WILL PROVIDE UPDATE
COINBASE: AWARE SOME USERS MAY FORECAST A ZERO BALANCE IN ACCOUNTS
— *Walter Bloomberg (@DeItaone) February 28, 2024
Meanwhile, the CNBC crypto trader and founder of Crypto Banter, Ran Neuner, attributes the downtime to a “full tilt bull market frenzy!!”
With the current craze in the market, it is unsurprising to see servers crash because of excessive traffic. FXStreet team will bring reports once Coinbase support confirms that normalcy is restored and the situation is resolved.
Bitcoin price retracted from the $64,000 peak to a low of $58,200, effectively wiping almost $100 billion off Bitcoin market capitalization as news of the crash broke.
