Balance Zero Coinbase Crashes Again Despite Bitcoin Surge

(CTN News) – It is the second time Coinbase has crashed in a row as the crypto market continues its frenetic Monday – marking the second time in a row that the U.S.-based exchange has been overrun.

During the time of 12:36 pm Eastern Standard Time, Reported degraded performance on its status page at the time of the report. This week’s crash led to users reporting that their wallet balances were zero, just like last week’s crash.

“A small subset of users may experience intermittent zero balances across their accounts and latency across the website,” Coinbase’s status page said, adding that trading was not affected by the outage.

I would like to let you know that our team is investigating this issue and we will provide an update as soon as possible.

The assets you have in Coinbase are safe,’ said on its website.

Coinbase reported that a fix had been implemented and that the situation is being monitored by the company by 1:21 pm Eastern Standard Time.

In a tweet, Coinbase said, “Thank you for your patience,” as a thank you for your patience. We are beginning to see improvements in latencies and the number of completed transfers. There is no need to worry about your funds as they are in good hands.”

Decrypt has requested that provide further comment, but Coinbase has declined to do so, instead pointing to Coinbase’s Twitter feed.

Bitcoin rallies are often accompanied by outages across cryptocurrency exchanges, which bring with them massive surges in user traffic and trading activities, which result in outages.

It is possible for some people to look at history of technical difficulties during market upswings as a positive market indicator.

During market slumps, however, it has also been plagued by a number of technical difficulties, according to the exchange. In May 2021, Coinbase and Binance had outages caused by the crash of the cryptocurrency market, which was occurring at the time.

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