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- Coinbase users encounter $0 balance issues for a second time amid heavy trading activity.
- The crypto platform reports increased “latency” and intermittent balance display problems.
- This marks a repeat of a similar issue that occurred last week during Bitcoin’s ongoing price surge.
While Bitcoin continues to inch closer to its all-time high price of $69k, Coinbase users are once again facing technical difficulties. The popular crypto trading platform is experiencing increased latency, and some users are reporting intermittent zero balances, sparking some concern amongst crypto traders.
Details of the Issue
Coinbase acknowledged the issue on X (formerly known as Twitter), stating, “We are aware some users may experience increased latency… and a few users may see intermittent zero balance.” The company also assured users that their funds remain safe and that they are investigating the problem. More importantly, they have also clarified that trading activity is not impacted.
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The occurrence of this issue now marks the second time that the same glitch has happened – the first time was less than a week ago, on the back of Bitcoin’s strong price rally. According to Coinbase CEO Brian Armstrong, the platform experienced an overload of traffic, exceeding their load testing models by 10x.
The heavy trading volume and activity spurred by Bitcoin’s intense price rally now appears to be the root cause of the technical difficulties for Coinbase. This highlights the challenge of scaling cryptocurrency exchanges during sudden surges in market activity.
In a follow-up post to the company’s X profile, Coinbase Support said, “We’re beginning to see improvements in latencies and completed transfers. Rest assured your funds are safe.”
As both institutions and retail investors continue to buy Bitcoin and push the price up, it is likely that the issue will reappear so it might be best to have an alternative option for buying, selling, and holding cryptocurrency if possible.
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