Bitcoin’s Rollercoaster: Surge, Drop, and Coinbase Outage

Bitcoin's Rollercoaster: Surge, Drop, and Coinbase Outage | The Enterprise World

Bitcoin’s Rollercoaster, which recently surged to its highest level since November 2021, experienced a sudden drop of over 4%, equivalent to approximately $2,800, within minutes around noon Eastern Time. This decline followed reports of an outage circulating on social media platforms, including X.

Coinbase, a prominent cryptocurrency exchange, responded to the situation, acknowledging the issue and reassuring users about the safety of their assets. In a statement to CNBC, Coinbase stated, “We are aware that some users may see a zero balance across their Coinbase accounts and may experience errors in buying or selling.” The company affirmed that its team was actively investigating the matter and would provide updates promptly to users affected. Some users shared screenshots displaying a balance of $0.00 in their accounts, further indicating the extent of the disruption. Shortly after, Coinbase issued a notice titled “Site Degraded Performance,” confirming ongoing investigations.

Bitcoin’s Rollercoaster Volatile Ride: From Record Highs to Sudden Plunge

The recent surge in Bitcoin’s Rollercoaster value saw it surpass $60,000 on Wednesday, marking the first time since 2021 and elevating its collective market cap to nearly $1.2 trillion. Coinbase continued to communicate developments throughout the day via social media platform X, informing users of improvements in customer trading. However, due to increased traffic, some users might still need help with various functionalities such as login, transactions, and payment methods. Coinbase Global (COIN.O) assured customers that all services on its website had been restored following the earlier issue causing zero balance discrepancies.

In a subsequent update on X, Coinbase acknowledged that while most users were experiencing accurate balances, a small portion might still encounter inaccuracies. The exchange affirmed its commitment to resolving these display issues promptly for affected users.

The Bitcoin Rollercoaster! [Mini Movie] – Price Movements Explained

Coinbase Outage: User Concerns and Exchange Responses

The outage coincided with Bitcoin’s Rollercoaster remarkable ascent to $60,000, driven by heightened investor interest and capital influx into new U.S. spot bitcoin exchange-traded products, catalyzing a price rally throughout February. Traders have been drawn to Bitcoin, anticipating April’s halving event, which is designed to slow the release of the cryptocurrency.

Brian Armstrong, CEO of Coinbase, addressed the surge in traffic in a separate post on X, indicating the challenges faced by the exchange amidst heightened market activity. Despite the temporary disruption, Coinbase reiterated its dedication to providing a secure and reliable platform for cryptocurrency trading, emphasizing ongoing efforts to manage increased demand effectively.

Also read: Improvements and Challenges: Bitcoin’s User Experience 

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