Panic struck oinbase">Coinbase users on February 28th when some accounts displayed zero balances, prompting fears of missing funds. The glitch coincided with Bitcoin hitting a 15-month high of over $64,000, followed by an abrupt 4% plunge within minutes.
In a statement, oinbase">Coinbase acknowledged degraded performance leading to errors in trading, buying, and account balances. The company is investigating the problems amid a surge in traffic triggered by Bitcoin’s price volatility.
Bitcoin had just reached its highest level since November 2021, nearing its all-time high of $69,000. Market optimism, new Bitcoin ETFs, and macroeconomic shifts drove the rally. However, the cryptocurrency swiftly erased gains, dropping back below $60,000.
The oinbase">Coinbase outage left users frustrated and concerned. Some received “site degraded performance” messages while others faced failed transactions. oinbase">Coinbase urged customers to monitor its status page for updates.
By Wednesday evening, oinbase">Coinbase announced that login functionality and trading had improved. However, the team is still working to fully resolve the technical difficulties caused by increased traffic during Bitcoin’s turbulent trading session.
For cryptocurrency investors, the oinbase">Coinbase problems underscored exchange risks during times of extreme volatility. While Bitcoin’s future remains uncertain, its latest spike and fall highlighted the crypto asset’s continued price sensitivity.
