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Coinbase, one of many main Bitcoin and cryptocurrency exchanges, skilled a big outage right now as the value of Bitcoin surged, inflicting many customers to lose their accounts. The disruption got here amid a pointy enhance in buying and selling exercise after the value of Bitcoin surged above $64,000 for a short interval.
JUST IN: Coinbase has reportedly crashed.
– Bitcoin Journal (@BitcoinMagazine) 28 February 2024
Coinbase CEO Brian Armstrong attributed the outage to a “large enhance in site visitors” on the trade's infrastructure. The sudden inflow of customers trying to purchase, promote, or commerce Bitcoin overwhelmed Coinbase's servers, inflicting connectivity points for a lot of prospects.
“We’re conscious that some customers might even see zero balances of their Coinbase accounts and expertise errors when shopping for or promoting,” Coinbase mentioned. “Our staff is investigating and can present an replace quickly. Your property is secure.”
We’re coping with an enormous surge of site visitors – sorry for any points you encounter. The staff is engaged on an answer.
– Brian Armstrong 🛡️ (@brian_armstrong) 28 February 2024
Following the outage, the value of Bitcoin fell sharply from ~$64,000 to ~$59,500, erasing the positive factors Bitcoin had made right now. Coinbase has skilled related outages up to now in periods of intense market volatility, drawing criticism from customers and trade observers.
Regardless of the momentary disruption, Bitcoin worth seems to stay resilient, because it now sits above $60,700 on the time of writing, persevering with its upward transfer amid rising institutional acceptance 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 to customers.