Coinbase, one of many main Bitcoin and cryptocurrency exchanges, skilled a big outage immediately as Bitcoin’s value soared, leaving many customers accounts malfunctioning. The disruption occurred amid a pointy enhance 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 site visitors” overwhelming the change’s infrastructure. The sudden inflow of customers making an attempt to purchase, promote, or commerce Bitcoin overwhelmed Coinbase’s servers, resulting in connectivity points for a lot of prospects.
“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 said. “Our workforce is investigating this & will present an replace shortly. Your property are protected.”
We’re coping with a LARGE surge of site 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 a lot of the positive factors Bitcoin had made immediately. Coinbase has skilled comparable outages previously during times of intense market volatility, prompting criticism from customers and business observers.
Regardless of the short-term 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 strong infrastructure to make sure uninterrupted service for customers.
