- Coinbase Global experienced glitches that displayed zero balances for some users, occurring for the second time in a week as Bitcoin nears its record high price
- The issue was a display error and funds were safe according to Coinbase, who is investigating the problem; trading was not impacted
- Crypto exchanges like Coinbase often have technical issues during big Bitcoin price swings when trading volume surges dramatically higher than normal
Coinbase Global Inc., the biggest US cryptocurrency exchange, said some individual investors saw zero balances in their accounts for the second time in less than a week. The glitch comes as Bitcoin inches toward a record high.
Users See Zero Balances
A Coinbase spokesperson said Monday’s problem “is a display issue only.” Last week, users experienced errors in buying and selling.
Coinbase Investigating Issue
We are aware some users may experience increased latency across coinbase.com and a few users may see intermittent zero balance. Rest assured, your funds are safe. Our team is investigating this issue and will provide an update. Trading is not impacted at this time.
— Coinbase Support (@CoinbaseSupport) March 4, 2024
Exchanges Prone to Glitches During Volatility
Crypto exchanges often experience glitches during sharp moves in Bitcoin, the world’s largest cryptocurrency based on market value. A flood of traders tend to go onto such platforms to take part in market action. Last week, Coinbase had an influx of traffic that was more than 10 times its usual volume, the company said.
Bitcoin Approaching All-Time High
Bitcoin rose as much as 7.5% Monday, hovering near $67,000 and approaching its all-time high of nearly $69,000.
