Coinbase Users Encounter Technical Issues Resulting in Zero Balances Amidst Bitcoin’s Huge Price Surge

Coinbase, a prominent cryptocurrency exchange, encountered technical difficulties on Wednesday that caused many users to panic when they discovered their accounts showed a zero balance. This incident happened at the same time as Bitcoin’s value experienced a significant drop, despite reaching its highest level since November 2021 at over $64,000.

Coinbase promptly responded to the situation by issuing a statement acknowledging the zero balances and errors in buying or selling that users were experiencing. They assured users that their assets were safe and advised them to check the status page for updates. Screenshots shared by users showed balances of $0.00, accompanied by notices of ongoing investigations due to “Site Degraded Performance.”

Later on, Coinbase posted an update on social media stating that they were starting to see improvements in customer trading. However, they did mention that due to increased traffic, some users might still encounter errors in various functionalities.

While Coinbase was dealing with technical issues, Bitcoin went through a turbulent ride on February 28th. After surging to over $64,000, it quickly dropped by about $2,800 within minutes, representing a 4% decrease. Bitcoin’s rise to over $64,000 was a significant milestone influenced by market optimism, increased trading activity, and important macroeconomic shifts. The approval of new U.S. spot Bitcoin ETFs and the upcoming Bitcoin halving, followed by a correction, played crucial roles in attracting capital to the market.

Currently, Coinbase.com is functioning normally. The good news is that customer login functionality has been restored, and transactions are gradually improving. If users encounter any issues, they can be assured that the Coinbase team is actively working on resolving them.

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