Bitcoin Experienced Price Drop and Coinbase Outage
Bitcoin, which recently reached its highest level since November 2021, faced a sudden decline of over 4%, equivalent to approximately $2,800, within minutes. The drop occurred shortly after noon eastern time when reports of the Coinbase outage spread across social media platforms. Coinbase, a popular cryptocurrency exchange, acknowledged the issue and assured users that their assets are secure.
In a statement to CNBC, Coinbase stated, "We are aware that some users may see a zero balance across their Coinbase accounts and may experience errors in buying or selling. Our team is investigating this issue and will provide an update shortly." They advised users to monitor the system outage through their status page: Coinbase Status Page.
The CNBC report featured a user's screenshot displaying a balance of $0.00 in their Coinbase account. Shortly after, the user received a notification titled "Site Degraded Performance," which informed them that the company was actively investigating the matter.
Bitcoin has been on a surge recently, surpassing $60,000 on Wednesday for the first time since 2021 and achieving a collective market cap of nearly $1.2 trillion. Coinbase provided an update later in the day on social media, stating that they were observing improvements in customer trading. However, due to increased traffic, some customers may still encounter login errors, issues with sending and receiving transactions, and difficulties with certain payment methods.
In conclusion, Bitcoin experienced a sudden price drop, and Coinbase encountered an outage affecting user account balances and transaction functionalities. Coinbase is actively investigating the issue while assuring users that their assets remain safe.
