Users of Coinbase Report Account Balance Issues During Volatility in Bitcoin Prices
By James Pebenito • March 1, 2024
Users of Coinbase Report Account Balance Issues During Volatility in Bitcoin Prices
Due to technical difficulties, Coinbase, a cryptocurrency exchange, saw a sudden and concerning $0 balance in many users’ accounts on Wednesday. As a result of the bug and the sharp decline in Bitcoin’s value, many users were left perplexed and worried.
Social media sites and other outlets began to publish reports of consumers’ Coinbase accounts being empty. In addition, Bitcoin, which had just hit its highest point since November 2021, fell by around $2,800 in a matter of minutes.
Coinbase acknowledged the issue in a statement following the problems. The company released a statement saying, “We are aware that certain users might encounter problems while purchasing or selling on Coinbase and see a zero balance across all of their accounts. Our staff is looking into this matter and will soon provide an update. Your possessions are secure.”
User Perspectives
A Coinbase user sent a screenshot of their account to CNBC, showing that it had $0.00 in it. The user soon received a message with the subject line “Site Degraded Performance,” indicating that the company was looking into the problem.
With a market capitalization of around $1.2 trillion, Bitcoin had been rising sharply, hitting over $60,000 on the day of the bug. The abrupt decline in the value of Bitcoin alarmed traders and investors, increasing the volatility of the market as a whole.
Coinbase Notifies Users
Coinbase gave an update on their situation later in the day, saying that they were “beginning to see improvements in customer trading.” Nevertheless, certain users may still encounter difficulties with specific payment methods, sends, receives, and logins owing to an increase in traffic.
The Coinbase outage and the ensuing decline in the price of Bitcoin serve as a reminder of how interconnected the cryptocurrency system is and how technical problems may affect user confidence and market stability. Users are advised to stay informed through official channels and take caution while transacting with cryptocurrencies while Coinbase looks into and fixes the issues.
