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The problems have been identified and addressed, but the solution is still under observation.
Crypto exchange Coinbase encountered technical issues again today, causing increased latency on the platform and intermittent zero balances in some accounts, according to an announcement from Coinbase Support. The incident came amid Bitcoin’s price surpassing $67,000.
We are aware some users may experience increased latency across https://t.co/ohqDivlp6Y and a few users may see intermittent zero balance. Rest assured, your funds are safe. Our team is investigating this issue and will provide an update. Trading is not impacted at this time.
— Coinbase Support (@CoinbaseSupport) March 4, 2024
The company reassured customers that their funds were secure and that trading remained unaffected. At the time of writing, Coinbase said that “a fix has been implemented and the team is monitoring the results.”
This marks the second time in less than a week that Coinbase has dealt with such issues. Last Wednesday, during another Bitcoin price rally, users reported similar disruptions. These outages are not uncommon in the crypto exchange industry, especially during periods of heightened trading activity and user traffic.
Some investors view these technical difficulties as an indicator of a bull run. However, Coinbase also faced challenges during downturns, such as the May 2021 market crash when it and other exchanges like Binance experienced significant outages.
Bitcoin’s current trading price is approximately $67,300, having risen 54% over the past month. It is now just 3% shy of its all-time high of around $69,000, according to CoinGecko’s data.
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