• Coinbase users have reported that their balances are $0, after Bitcoin experienced significant gains on Wednesday.
  • Shortly after, the exchange announced that it would be investigating the matter.

BTC Price Index and Live Chart – CoinDesk”>(BTC) posted – and then quickly erased – a gigantic rally.

On its website, stated that the exchange is investigating this matter.

Coinbase stated that it was aware of the fact that some users might see zero balances on their Coinbase account and experience problems when buying or selling. Our team is looking into this issue and we will update you shortly. “Your assets are safe.”

Coinbase CEO Brian Armstrong said later that the exchange had modelled a 10-fold surge in traffic, but that Wednesday’s demands exceeded that number.

He wrote about this in a blog post.

The outage occurred hours after bitcoin reached $60,000, the highest level since November 2021. It then climbed to $64,000 and then dropped rapidly to $60,000. The all-time record of $69,000 is within reach.

Other crypto exchanges such as Kraken did not report any technical issues.

It’s not the first time Coinbase has experienced an outage because of heavy trading. The exchange was briefly down in May 2020 when bitcoin dropped 10% in 30 minutes. In June 2019 the same issue occurred when bitcoin dropped $1,800 within 15 minutes.

UPDATE: (Feb. 28 2024, 1818 UTC). Historical outages.

UPDATE: (Feb. 28 2024, 18.27 UTC) Notes other exchanges did not report any issues.

UPDATE: (Feb. 28 2024, 1923 UTC): Brian Armstrong, CEO of Coinbase’s blog on X.

Nick Baker is the editor.