Coinbase encounters technical issues amid Bitcoin's price rally

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[Updated] Coinbase has been restored and customers’ funds can now be viewed.

Crypto exchange Coinbase faced technical difficulties as Bitcoin’s price soared to nearly $64,000. Earlier today, several customers took to X to report the anomaly after their accounts displayed zero balances. Shortly after the issue surfaced, Coinbase confirmed the incident and stated that their team is actively investigating the cause. They assured customers that an update would be provided as soon as possible and funds were safe.

We are aware that some users may see a zero balance across their Coinbase accounts & may experience errors in buying or selling. Our team is investigating this & will provide an update shortly. Your assets are safe.
You can track this incident at https://t.co/a3pl4WiDhZ

— Coinbase Support (@CoinbaseSupport) February 28, 2024

Brian Armstrong, Coinbase’s CEO, said that an unprecedented surge in traffic led to the issue.

We are dealing with a LARGE surge of traffic – apologies for any issues you encounter. The team is working to remediate.

— Brian Armstrong (@brian_armstrong) February 28, 2024

The incident came amid a surge in Bitcoin’s price. BTC broke through $60,000 earlier this morning before extending its rally to approximately $64,000. At the time of writing, Bitcoin is trading at around $60,000, according to CoinGecko’s data.

Bitcoin’s price is currently up around 40% over the past month. If the momentum is maintained through the end of this month, Bitcoin is on track to achieve six consecutive months of gains.

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