Coinbase, one of many main Bitcoin and cryptocurrency exchanges, skilled a major outage immediately as Bitcoin’s value soared, leaving many customers accounts malfunctioning. The disruption occurred amid a pointy improve in buying and selling exercise following Bitcoin’s surge in value, which briefly surpassed $64,000.
JUST IN: Coinbase has reportedly crashed.
— Bitcoin Journal (@BitcoinMagazine) February 28, 2024
Coinbase CEO Brian Armstrong attributed the outage to a “massive surge of visitors” overwhelming the trade’s infrastructure. The sudden inflow of customers trying to purchase, promote, or commerce Bitcoin overwhelmed Coinbase’s servers, resulting in connectivity points for a lot of clients.
“We’re conscious that some customers may even see a zero steadiness throughout their Coinbase accounts & might expertise errors in shopping for or promoting,” Coinbase acknowledged. “Our workforce is investigating this & will present an replace shortly. Your belongings are protected.”
We’re coping with a LARGE surge of visitors – apologies for any points you encounter. The workforce is working to remediate.
— Brian Armstrong 🛡️ (@brian_armstrong) February 28, 2024
Following the outage, Bitcoin sharply declined in value from ~$64,000 to ~$59,500, wiping out many of the positive factors Bitcoin had made immediately. Coinbase has skilled related outages prior to now during times of intense market volatility, prompting criticism from customers and business observers.
Regardless of the non permanent disruption, Bitcoin’s value seems to have remained resilient, as it’s now again above $60,700 on the time of writing, persevering with its upward trajectory amid rising institutional adoption and investor curiosity.
As Coinbase works to revive regular operations, the incident serves as a reminder of the challenges related to managing large-scale Bitcoin exchanges and the significance of sturdy infrastructure to make sure uninterrupted service for customers.
