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Coinbase, one of the leading cryptocurrency exchanges, faced technical glitches on Wednesday that left numerous users with a fearful, ugly sight: a zero balance upon opening their accounts! The incident coincided with a sharp drop in Bitcoin’s value, which had just surged to its highest level since November 2021, reaching over $64,000.
Coinbase’s Response and User Impact
Users reported seeing zero balances and encountering errors in buying or selling, prompting Coinbase to release a statement saying, “We are aware that some users may see a zero balance across their Coinbase accounts and may experience errors in buying or selling.”
Nonetheless, without any info as to how or when the exchange site will be repaired to normal, the Coinbase team reassured users about the safety of their assets and urged them to check the status page for updates.
One user shared a screenshot showing a balance of $0.00 and received a notice titled “Site Degraded Performance,” indicating ongoing investigations.
Coinbase later posted an update on social media, stating, “We’re beginning to see improvements in customer trading,” but acknowledged that due to increased traffic, some users might still encounter errors in various functionalities.
Bitcoin’s Turbulent Rise and Fall
Amid the technical issues faced by Coinbase, Bitcoin, the cryptocurrency king, experienced a rollercoaster ride on 28th February. After surging to over $64,000, its highest since November 2021, Bitcoin swiftly lost about $2,800, constituting a 4% drop within minutes.
Bitcoin’s ascent to over $64,000 marked a significant milestone, driven by market optimism, heightened trading activity, and key macroeconomic shifts. The approval of new U.S. spot Bitcoin ETFs and the impending Bitcoin halving with a correction post-halving, have altogether played a pivotal role in attracting capital to the market.
As of now, Coinbase.com is up and running. The good news is that customer login functionality has been restored, and transactions are gradually getting better. If you’re experiencing any issues, rest assured that the Coinbase team is actively working on resolving them.