Bitcoin Skyrockets, but Coinbase Crashes! Users Panic as Balances Hit Zero – What’s Happening Behind the Scenes?

A Coinbase service disruption rattled users amid surging bitcoin prices, with some accounts showing zero balances during Wednesday’s intraday trading. Coinbase, led by CEO Brian Armstrong, attributed the outage to a significant traffic surge as bitcoin surpassed $63,000.

Bitcoin Skyrockets, but Coinbase Crashes! Users Panic as Balances Hit Zero – What's Happening Behind the Scenes?

The platform assured users that their assets were secure despite account balance discrepancies. By 7:15 p.m. Eastern, Coinbase claimed to have fully restored services, but some users still reported inaccurate balances. Armstrong acknowledged the unprecedented traffic spike,

exceeding the platform’s tested threshold by more than 10 times. The incident coincided with a brief bitcoin price drop preceding Coinbase’s update. Earlier disruptions related to delayed Ethereum transactions were also addressed by 1:30 p.m. Eastern. Despite the interruptions,

Coinbase shares rebounded slightly, trading just above $200, while bitcoin experienced a 5% daily gain, briefly dropping below $60,000. (Update—Feb. 28, 2024: The story was updated with recent outage information from Coinbase and additional comments from CEO Armstrong’s X posts, along with the latest price movements.)

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