Panic struck oinbase">Coinbase users on February 28th when some accounts displayed zero balances, prompting fears of missing funds. The glitch coincided with itcoin">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 itcoin">Bitcoin’s price volatility.
itcoin">Bitcoin had just reached its highest level since November 2021, nearing its all-time high of $69,000. Market optimism, new itcoin">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 itcoin">Bitcoin’s turbulent trading session.
For cryptocurrency investors, the oinbase">Coinbase problems underscored exchange risks during times of extreme volatility. While itcoin">Bitcoin’s future remains uncertain, its latest spike and fall highlighted the crypto asset’s continued price sensitivity.
