- Market participants are racing to buy more Bitcoin as it moves past $60,000.
- Coinbase users are reporting $0 account balances.
- Brian Armstrong explains why users are seeing no balances.
The crypto market is buzzing with excitement as Bitcoin charges toward its previous all-time high, stirring excitement among investors. Once dormant market participants have also awakened from their deep slumber, trying to catch the wave before Bitcoin taps $100K. However, upon checking their wallets, users on platforms like Coinbase are met with an unexpected sight – a $0 balance.
Coinbase Explains $0 Account Balances
Market participants worldwide are racing to catch Bitcoin’s ascent to the moon; however, they can’t do much when their go-to platform struggles with glitches and technical issues.
On Wednesday, as Bitcoin soared past $60,000 for the first time since November 2021, Coinbase users were stunned to find their wallets showing $0 balances. Promptly addressing the issue, the exchange quickly shut down its services, releasing a statement that acknowledged the glitch:
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"We are aware that some users may see a zero balance across their Coinbase accounts and may experience errors in buying or selling," Coinbase said. "Our team is investigating this issue and will provide an update shortly. Your assets are safe."
Coinbase’s CEO Brian Armstrong further explained that the exchange was dealing with an enormous surge in traffic and assured its 72 million user base that the team was working to remediate.
At the time of writing, the exchange noted that it saw some improvement in customer trading on the platform. However, some customers could still face issues due to continued heightened traffic. Coinbase has advised users to monitor its website’s status for further updates.
On the Flipside
- This isn’t the first time Coinbase has experienced such an outage. The exchange was shut down in May 2020 after Bitcoin tumbled 10% in 30 minutes.
- Traders lost over $700 million across crypto-tracked futures positions on February 28 after Bitcoin crossed $60,000.
- Coinbase is the primary custodian for 90% of the Bitcoin ETF issuers, securing over $30 billion in assets.
Why This Matters
Coinbase’s struggles with glitches and outages, especially during this critical period, signal concerning implications for the exchange and cast doubt on its ability to sustain mainstream adoption. Furthermore, these disruptions undermine the exchange’s credibility and tarnish the reputation of its services.
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Read why Coinbase dropped Bitcoin from its payment portal:
Coinbase Crypto Payment Portal Drops Bitcoin Support
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