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

Source Fxstreet
  • 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.

Also Read: Bitcoin shatters $63,000 as Jim Cramer posses a rhetoric on BTC value for mankind

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!!”

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. 

Disclaimer: For information purposes only. Past performance is not indicative of future results.
placeholder
Silver Price Forecast: XAG/USD rallies to $38.40 favoured by a softer US Dollar Silver (XAG/USD) is rallying for the third consecutive day on Friday, with bulls testing July 15 highs of 38.40 at the time of writing.
Author  FXStreet
13 hours ago
Silver (XAG/USD) is rallying for the third consecutive day on Friday, with bulls testing July 15 highs of 38.40 at the time of writing.
placeholder
Cardano (ADA) Flashes Bullish Signal—Is the Rally Just Beginning?ADA is now consolidating and might attempt a clear move above the $0.8650 zone.
Author  NewsBTC
13 hours ago
ADA is now consolidating and might attempt a clear move above the $0.8650 zone.
placeholder
Asian stocks climbed following record highs with gains led by Taiwan and AustraliaOn Friday, Asian stocks rose after U.S. markets hit new highs, supported by positive economic data and mixed corporate results.
Author  Cryptopolitan
13 hours ago
On Friday, Asian stocks rose after U.S. markets hit new highs, supported by positive economic data and mixed corporate results.
placeholder
AUD/USD advances further beyond 0.6500 amid notable USD weaknessThe AUD/USD pair is building on the previous day's bounce from the vicinity of mid-0.6400s, or a three-and-a-half-week trough, and gaining strong follow-through positive traction on Friday.
Author  FXStreet
14 hours ago
The AUD/USD pair is building on the previous day's bounce from the vicinity of mid-0.6400s, or a three-and-a-half-week trough, and gaining strong follow-through positive traction on Friday.
placeholder
Pound Sterling set for third straight week of losses amid growing UK labor market concernsThe Pound Sterling (GBP) remains near an over two-month low around 1.3375 during the European trading session on Friday.
Author  FXStreet
14 hours ago
The Pound Sterling (GBP) remains near an over two-month low around 1.3375 during the European trading session on Friday.
Related Instrument
goTop
quote