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    Coinbase exchange crashes as Bitcoin price peaks above $64,000

    FXStreet
    Updated Feb 29, 2024 01:17
    Mitrade


    • Bitcoin price soared to an intra-day high of $64,000 before a quick correction.

    • Amid excessive trading Coinbase exchange crashed, with users reporting zero balance.

    • Coinbase exchange acknowledged the incident, committing to resolve the matter.


    Post-traumatic stress from the FTX cryptocurrency exchange debacle has crypto investors on the edge of their seats on Wednesday after Coinbase exchange crashed, with users reporting zero balance on their accounts.



    Coinbase exchange goes down


    Amid the trading frenzy on Wednesday, which saw Bitcoin price rise to scrape $64,000, Coinbase, the largest crypto exchange in the US, crashed. Co-founder and CEO of the trading platform, Brian Armstrong acknowledged the incident, citing “LARGE surge of traffic.”


    The platform’s customer support also reassured customers that while there could be errors in buying or selling, customer funds were safe.  The reassurance came as some users reported zero balances despite having voluminous balances in their accounts.


    Notably, with the current craze in the market, it is unsurprising to see servers crash because of excessive traffic. FXStreet team will bring reports once Coinbase support confirms that normalcy is restored and the situation is resolved.


    Meanwhile, CNBC crypto trader and founder of Crypto Banter Ran Neuner attributes the downtime to a “full tilt bull market frenzy!!”


    * The content presented above, whether from a third party or not, is considered as general advice only.  This article should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments.

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