Key Takeaways
- A Coinbase outage impacted users during intraday trading as bitcoin surged to its highest price in years.
- Coinbase is aware of the issue and working to fix it.
- The outage was caused by a surge in traffic, according to Coinbase CEO Brian Armstrong.
- Bitcoin reached above $63,000 for the first time since 2021 during intraday trading.
Coinbase Outage Details
A Coinbase outage on Wednesday left some users with zero balances in their accounts and unable to trade, despite bitcoin soaring past $63,000. The Coinbase website confirmed that customer assets were safe, but some users experienced errors in transactions.
Coinbase Service Restoration
By the evening, Coinbase had restored all services on Coinbase.com, although some users still saw incorrect account balances. The exchange attributed the issues to high traffic, with CEO Brian Armstrong noting that the traffic surge was more than 10 times what Coinbase had anticipated.
Bitcoin Price Movement
Following the service disruption, there was a noticeable drop in bitcoin’s price. However, the cryptocurrency later regained its value, trading higher by approximately 5% for the day.
Additional Service Disruption
Earlier in the day, there was a separate service disruption involving delayed transactions for some Coinbase users trading on the Ethereum network. This issue was resolved by early afternoon.
Despite the challenges faced, Coinbase shares showed resilience, with a slight increase in value by the end of the trading day.