Bitcoin surge crashed Coinbase

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The recent surge in Bitcoin's price, which saw it climb to over $60,000, has led to technical difficulties for Coinbase, one of the leading cryptocurrency trading platforms. Users of the Coinbase app reported seeing a zero balance in their accounts, sparking widespread concern and confusion. This issue was attributed to a glitch within the app, coinciding with a significant increase in demand for Bitcoin and other cryptocurrencies. The problem was first acknowledged by Coinbase on February 28, 2024, as the company assured users that their assets were safe and that it was actively investigating the issue12. Coinbase CEO Brian Armstrong attributed the outage to a "large surge of traffic" that overwhelmed the exchange's infrastructure4. This surge in traffic and interest in cryptocurrency trading was likely fueled by the recent approval of U.S. spot Bitcoin ETFs and anticipation of Bitcoin's halving event in April, which historically has led to increased investment in the cryptocurrency16. The technical glitch not only caused user accounts to display a zero balance but also led to errors in buying or selling, as well as severe delays in transferring funds over the Ethereum ERC-20 network6. The incident has sparked outrage among crypto enthusiasts on social media, with many users expressing frustration over their inability to access their funds or execute trades during a critical time of market activity6. Despite the initial panic, Coinbase has repeatedly assured its users that their assets are secure and that the company is working diligently to resolve the issue124567. This event underscores the challenges that cryptocurrency exchanges face in managing large surges in traffic and trading activity, especially during periods of significant market volatility. It also highlights the importance of robust technical infrastructure and customer support to address and mitigate the impact of such issues promptly. As of the latest updates, Coinbase was beginning to see improvements in customer trading, although some users may still experience errors due to ongoing high traffic levels on the platform7.
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