Coinbase, one of many main Bitcoin and cryptocurrency exchanges, skilled a big outage right this moment 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 “giant surge of visitors” overwhelming the alternate’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 might even see a zero steadiness throughout their Coinbase accounts & could expertise errors in shopping for or promoting,” Coinbase stated. “Our crew 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 crew 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 features Bitcoin had made right this moment. Coinbase has skilled comparable outages up to now in periods of intense market volatility, prompting criticism from customers and trade observers.
Regardless of the momentary 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.