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BREAKING: Coinbase users experience zero account balances amid Bitcoin surge

TL;DR

  • Coinbase users reported seeing $0 account balances amid a significant Bitcoin rally, with the cryptocurrency momentarily surpassing $60,000.
  • Coinbase acknowledged the issue, assuring users their assets were safe and that it was investigating the cause of the display error.

Coinbase, a prominent U.S.-based cryptocurrency exchange, faced technical issues that led to some customers seeing their account balances drop to $0. This glitch occurred hours after Bitcoin experienced a notable rally, briefly surpassing the $60,000 mark for the first time since Nov. 2021. The cryptocurrency went on to approach $64,000 before it quickly retreated back to around $60,000. This incident unfolded just as Bitcoin’s all-time high of over $69,000 seemed within reach once more.

Coinbase outages in the last 24 hours. Source: Downdectector.com

Immediate response from Coinbase

Coinbase acknowledged the problem, stating on its website that it was aware some users might see a zero balance in their accounts and could encounter errors while attempting to buy or sell. The exchange assured its users that it was investigating the issue and would provide an update soon. Importantly, Coinbase emphasized that despite the display error, users’ assets were safe.

The timing of the outage was notable due to its coincidence with a significant uptick in Bitcoin’s price. Coinbase’s prompt acknowledgment of the issue aimed to quell any immediate concerns about asset security among its user base.

Coinbase, listed on NASDAQ under the ticker COIN, has a substantial user base that relies on its platform for cryptocurrency transactions.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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Damilola Lawrence

Damilola is a crypto enthusiast, content writer, and journalist. When he is not writing, he spends most of his time reading and keeping tabs on exciting projects in the blockchain space. He also studies the ramifications of Web3 and blockchain development to have a stake in the future economy.

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