- Coinbase has glitched again amid intense Bitcoin price action.
- The exchange has drawn backlash from the crypto community for the recurring issue.
- The latest glitch comes less than a week after the previous incident.
Last week, leading crypto exchange Coinbase grabbed headlines, but not for reasons it is used to, as a terrifying glitch left customers seeing $0 balances. After a swift response from the exchange, developers appeared to have promptly resolved the issue. But less than a week later, the problem has resurfaced, sparking significant concern.
Coinbase Users Again See Zero
In an X post on Monday, March 4, Coinbase’s official support account disclosed that the exchange faced technical challenges again, adding that some users may see zero balances.
As with the previous instance, the firm noted that developers were already working on a fix. At the time of writing, about two hours after the notification, the firm asserts that it has again resolved the issue.
Sponsored
Despite the relatively fast response, several crypto community members have asked questions about the exchange amid the frequent challenges.
Coinbase Bashed
Following the recent incident, several crypto community members took to Twitter to criticize the leading exchange for the frequent glitches. “This should be embarrassing at this point.” X user “Game Reaper 187. XRP” commented.
Chiming in, “Glenn Hødl” railed, “You guys should get some competent devlopers [developers].”
Meanwhile, some used the recent incident to urge users to take their assets off the exchange.
Last week, Coinbase CEO Brian Armstrong attributed the glitch to a spike in traffic as Bitcoin crossed new yearly highs above $63,000.
"We had modeled a ~10x surge in traffic and load tested it. This exceeded that number. It's expensive to keep services over-provisioned, but we'll need to keep working on auto-scaling solutions, and killing any remaining bottlenecks."
In the latest instance, Bitcoin has surpassed $67,000 for the first time since November 2021. At the time of writing, the asset is trading around $67,300.
On the Flipside
- Coinbase was quick to respond to the glitch.
- Despite the glitch, Coinbase has still processed the third-largest 24-hour volume of any crypto exchange, according to CoinGecko data at the time of writing.
Why This Matters
Coinbase is the largest crypto exchange in the U.S. and the primary custodian for most spot Bitcoin ETFs in the U.S.
Read this for more on the recurring Coinbase glitches:
Coinbase Crash: Users Report $0 Balances as BTC Crosses $63K
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