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Coinbase, the top US cryptocurrency exchange, plunged as bitcoin hit the highest level since late 2021, and CEO Brian Armstrong attributed the problem to a surge in trading volume.
The outage came as btc soared to $64,000 on February 28 for the first time since November 2021.
We are dealing with a HUGE increase in traffic. Apologies for any problems you encounter. The team is working to remedy.
– Brian Armstrong (@brian_armstrong) February 28, 2024
The Coinbase Customer Support Team admitted The issue, saying it led to some users falsely seeing zero balances in their accounts. Other customers also experienced errors when buying and selling.
According to Armstrong, the exchange “had modeled a ~10x increase in traffic and load tested it,” but yesterday's volume exceeded even that.
“It is expensive to maintain an excessive supply of services,” he said. saying. “But we will need to continue working on auto-scaling solutions and remove remaining bottlenecks.”
Coinbase has since restored its services, according to an update.
All customer account balance display issues have been restored on https://t.co/ohqDivlp6Y. Thank you to all of our customers for your patience today. https://t.co/RcelnYpQCi
— Coinbase Support (@CoinbaseSupport) February 29, 2024
Coinbase Glitch Confirms Bull Market, Says crypto Twitter
Some cryptocurrency users on X downplayed the situation, saying the ruling only confirmed that a bull market is underway.
Is it really a bull market until Coinbase crashes?
Feeling the nostalgia of previous cycles.
– Coin Bureau (@coinbureau) February 28, 2024
Coinbase has a history of crashes during periods of peak market activity. In April 2020, when bitcoin almost peaked at $9,000, Coinbase and Coinbase Pro it crashed. At the time, the exchange attributed the issue to connectivity issues.
Again in 2021, after bitcoin hit an all-time high of $69,000, Coinbase reported connectivity issues resulting in failed operations, delayed transactions, and degraded performance.
crypto Twitter Now believe that Coinbase's decline indicates that a bitcoin all-time high is just around the corner.
bitcoin is up 6% in the last 24 hours to trade at $63,112 as of 06:40 EST.
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