Coinbase Crashes On Surging Trading Volume As Bitcoin Soars To 2021 High

Main US crypto change Coinbase crashed as Bitcoin pumped to the very best stage since late 2021, with CEO Brian Armstrong attributing the problem to a surge in buying and selling quantity.

The outage occurred as BTC soared to $64,000 on Feb. 28 for the primary time since November 2021.

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

The Coinbase buyer help workforce acknowledged the glitch, saying it led to some customers falsely seeing zero balances of their accounts. Different prospects additionally skilled errors when shopping for and promoting.

Based on Armstrong, the change “had modeled a ~10x surge in site visitors and cargo examined it,” however yesterday’s quantity exceeded even that.

”It’s costly to maintain providers over-provisioned,” he said. “However we’ll must preserve engaged on auto-scaling options, and killing any remaining bottlenecks.”

Coinbase has since restored its providers, an replace stated.

All buyer account steadiness show points have been restored on https://t.co/ohqDivlp6Y. Thanks to all of our prospects in your endurance at present. https://t.co/RcelnYpQCi

— Coinbase Help (@CoinbaseSupport) February 29, 2024

Coinbase Glitch Confirms Bull Market, Crypto Twitter Says

Some crypto customers on X made gentle of the scenario, saying the glitch solely confirmed {that a} bull market is underway.

Is it actually a bull market till Coinbase goes down?

Feeling the nostalgia from earlier cycles.

— Coin Bureau (@coinbureau) February 28, 2024

Coinbase has a historical past of crashing in periods of peak market exercise. In April 2020, as Bitcoin virtually reached a excessive of $9,000, Coinbase and Coinbase Professional crashed. On the time, the change attributed the glitch to connectivity points.

Once more in 2021, after Bitcoin created an all-time excessive of $69K, Coinbase reported connectivity points that induced failed trades, delayed transactions, and degraded efficiency.

Crypto Twitter now believes that the Coinbase crash signifies a Bitcoin all-time excessive is simply across the nook.

Bitcoin is up 6% within the final 24 hours to commerce at $63,112 at 06:40 EST.

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