7 months ago
Not agelong aft the worth of Bitcoin surpassed $62,000, its highest level since 2021, Coinbase had terrible disruptions and issues connected Wednesday afternoon, preventing immoderate customers from signing successful astatine each and causing immoderate idiosyncratic accounts to bespeak a $0 balance.
Crypto aficionados were furious connected societal media due to the fact that they are incapable to entree their wealth connected the biggest cryptocurrency speech successful the United States. Furthermore frustrating, immoderate customers person reported errors when buying and selling.
The continuous request for Bitcoin is seen arsenic main the crushed down the abrupt crash of the Coinbase app. The starring cryptocurrency had a 40% terms summation this period arsenic a effect of US bitcoin spot ETFs. This was the biggest monthly summation the integer plus had seen since December 2020, according to reports.
Bitcoin Price Action Today
With a ferocious commencement to March, Bitcoin’s unprecedented enactment has positioned it for its biggest monthly summation successful implicit 3 years connected Thursday. Bitcoin is presently precise adjacent to reaching a caller precocious owed to the wealth flooding into listed bitcoin funds, which is driving a important increase.
The world’s starring cryptocurrency concisely touched $64,000 (the archetypal emergence supra $60,000 since November 2021), earlier partially reversing the gains. According to Coingecko data, BTC was trading astatine $62,765. It was up 10% and 22% connected a regular and play basis, respectively.
After plunging 64% successful 2022, the worth of bitcoin has much than tripled since the commencement of the year. That represents a singular comeback from a slew of scandals and bankruptcies that had raised concerns astir the semipermanent viability of cryptocurrencies.
Are Coinbase Funds Safe?
Meanwhile, customers tin present log backmost into the exchange, according to a connection from Coinbase, though users are inactive reporting issues with “certain outgo methods” and issues with sending and receiving money.
I had $3.6 Million connected Coinbase
and present it’s shows $0 lol
WTF IS HAPPENING ? pic.twitter.com/BaV4pWjFo6
— Ash Crypto (@Ashcryptoreal) February 28, 2024
While acknowledging that “some users whitethorn spot a zero balance” connected each of their Coinbase accounts and whitethorn tally into problems portion purchasing oregon selling, Coinbase reassured customers that their wealth was secure. Additionally, the speech made it wide that determination person been important delays successful wealth transfers via the Ethereum ERC-20 network.
Coinbase, Binance, and Kucoin each down!! WTF is going on!!
— Kyle Chassé (@kyle_chasse) February 28, 2024
There are rumors of akin crashes connected different important exchanges, specified arsenic KuCoin and Binance. But determination is inactive nary impervious to enactment these allegations.
The concern comes astatine a hard infinitesimal for Coinbase, arsenic much inexperienced investors are returning to the marketplace for cryptocurrency trading and discovering they look to person nary assets.
Disappointed successful Coinbase for this man.
It’s 2024, we indispensable person our crap together. pic.twitter.com/VioBxw8am5
— MASON VERSLUIS (@MasonVersluis) February 28, 2024
The disruption at Coinbase is not unprecedented; successful each bull market, determination are method problems that originate erstwhile the platforms cannot grip the measurement of buying and selling. As a result, the deficiency of technological safeguards connected sites similar Coinbase to grip specified problems infuriates members of the cryptocurrency community.
Featured representation from Pexels , illustration from TradingView
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