Coinbase’s trading platform is once again experiencing problems amid a surge in cryptocurrency trading, with some customers showing their account balances being $0.
“We understand that some users may experience increased latency. “Some users may intermittently see a balance of 0,” Coinbase said. Posted on. “Rest assured, your funds are safe. Our team is investigating this issue and will provide an update. Transactions are not affected at this time.”
Less than a week later, the US-based exchange reported experiencing the same technical glitch due to heavy traffic load. Then-Coinbase CEO Brian Armstrong visited X to explain what happened. “We modeled and load-tested traffic spikes of up to 10x, and we exceeded that number. Over-provisioning services is expensive, but we need to continue to develop autoscaling solutions and eliminate any remaining bottlenecks. “
Just like last week, the Coinbase platform is experiencing issues as Bitcoin price hits new all-time highs amid heavy trading volume. Bitcoin BTC
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Bitcoin price and trading volume. Image: Block pricing page.
Less than an hour after Coinbase first reported the technical issues, the exchange provided the following update. Another post on X. “Latency and transfer completion are starting to improve. Rest assured your funds are safe.”
In addition to occupying its position as the most popular cryptocurrency exchange in the United States, Coinbase also serves as the institutional custodian for most of the currently traded spot Bitcoin ETFs, including those offered by BlackRock.
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About the author
RT Watson is a senior reporter at The Block, covering a variety of topics including US-based companies, blockchain games, NFTs, and more. He previously covered entertainment for The Wall Street Journal, writing about Disney, Netflix, Warner Bros. and the creator economy, focusing primarily on technological disruption across media. Previously, she covered corporate, economic and political news in Brazil at Bloomberg. She interviewed a variety of figures for RT, including CEOs, media moguls, top influencers, politicians, blue-collar workers, drug traffickers, and convicted criminals. She holds a Master’s degree in Digital Sociology.