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    Thursday, February 29, 2024

    Coinbase says Services Restored after Outage Affects Trading Accounts

    Coinbase Global said on Wednesday that all services on its website have been restored after an issue earlier in the day caused some users to see zero balance across their accounts.

    "Very few customers may still see an inaccurate balance on their account. Our team is working on resolving this display issue for these users," the crypto exchange added in a post on social media platform X.

    Earlier in the day, Coinbase assured customers that it was seeing an improvement in trading and their funds were safe.

    The outage comes after bitcoin hit $60,000 on Wednesday for the first time in more than two years, as a flurry of capital into new U.S. spot bitcoin exchange-traded products fuelled a price rally in February.

    Traders have poured into bitcoin ahead of April's halving event - a process designed to slow the release of the cryptocurrency.

    Coinbase CEO Brian Armstrong said in a separate post on X that the crypto exchange was dealing with a large surge in traffic.

    At their peak on Wednesday afternoon, user reports of issues had crossed more than 9,000, according to Downdetector. As of 1213 GMT on Thursday, the reports of issues dropped to nearly 28.

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