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- As Bitcoin rallied above $64,000, a Coinbase glitch caused widespread panic among users, with many seeing $0 balances in their accounts.
- The glitch also affected the ability to buy and sell cryptocurrencies, fueling concerns during the bull market frenzy.
- Coinbase quickly acknowledged the issue, assuring users their assets were safe and working towards a fix.
As Bitcoin surged to a new 2024 high above $64,000, Coinbase users experienced a wave of panic as a technical glitch temporarily displayed $0 balances in their accounts, fueling concerns amidst the market frenzy.
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Start TradingCoinbase Glitch and Reactions
The Coinbase glitch caused widespread reporting of zero balances on user accounts, alongside issues with buying and selling cryptocurrencies. Reports of delays in Ethereum transactions further heightened user anxieties. News of the outage quickly spread through social media, causing a brief dip in Bitcoin’s otherwise strong rally.
The glitch was actually among a number of issues. As Bloomberg reports, the biggest cryptocurrency exchange in the US “experienced a spate of outages” in the same day, just as Bitcoin soared past the $60k barrier and briefly made it all the way through to $64k. Coinbase has been quick and steady in updating users about its outage investigations, which involved not just the zero-balance glitch issue but also the issue about delays in sending and receiving crypto assets for its users.
Meanwhile, Coinbase CEO Brian Armstrong took to X (formerly known as Twitter) to reassure users that all their assets are safe. In a related statement to CNBC, the company said, “We are aware that some users may see a zero balance across their Coinbase accounts and may experience errors in buying or selling.” It then reiterated that they are always actively investigating such issues and would provide any necessary updates as soon as possible.
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Coinbase Issues Resolved
As of this writing, all apparent issues with the Coinbase platform has been resolved and there were no more incidents recorded afterward, according to the official Coinbase Status Page. Through official statements, the company has also reassured users and emphasized the security of their assets.
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Start TradingThe Bitcoin rally, fueled by factors like institutional adoption and the upcoming halving, has generated significant FOMO and market excitement. While Coinbase’s glitch was temporary, similar events during moments of extreme volatility remain possible as crypto continues to gain mainstream traction. It should serve as a reminder of the potential for technical hiccups even on established crypto exchanges, particularly during major market events.
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The post Coinbase Suffers Glitch as Bitcoin Hits $64k, Balances Now Restored appeared first on Bitcoinsensus.
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