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Coinbase experiences outage during Bitcoin surge, causing users to witness zero balances

Coinbase exchange has experienced a major technical issue during the recent surge in cryptocurrency markets, leaving users with a ‘zero’ balance in their accounts. The sudden crash of the platform has sparked anger among crypto enthusiasts who are unable to access their funds from the popular U.S. exchange. Reports have emerged of users encountering errors while attempting to buy and sell cryptocurrencies, further exacerbating frustrations within the community.

The incident quickly gained traction on social media platforms, with users sharing their experiences and expressing their displeasure at the situation. A tweet highlighting the issue went viral, drawing attention to the widespread impact of the exchange’s malfunction.

In response to the crisis, Coinbase issued a statement acknowledging the error and assuring users that it was under investigation. The exchange attributed the problem to severe delays in processing transactions over the Ethereum ERC-20 network, causing disruptions in the platform’s functionality.

Some users have speculated that the incident may have been a deliberate move by Coinbase to curb excessive trading activity, particularly in response to the soaring prices of major cryptocurrencies like Bitcoin and Ethereum. The market witnessed significant volatility, with BTC reaching a high of $64,000 before experiencing a sharp decline to the $61,000 range. However, conflicting reports suggest that the crash could be attributed to the overwhelming demand on the exchange during the bullish market conditions.

Similar issues were reported on other prominent exchanges such as Binance and KuCoin, raising concerns about the overall reliability of cryptocurrency trading platforms. While these claims have yet to be verified, the simultaneous disruptions indicate a broader systemic challenge faced by the industry.

The disruption faced by Coinbase is not uncommon during periods of heightened market activity, as technical glitches often arise when platforms are unable to handle the surge in trading volume. The lack of robust safeguards and infrastructure to manage such contingencies has drawn criticism from the cryptocurrency community, highlighting the need for greater resilience in the face of market volatility.

As the situation unfolds, stakeholders are closely monitoring the developments and assessing the impact of the outage on users’ trust in the exchange. The incident serves as a stark reminder of the challenges faced by the cryptocurrency industry in ensuring reliable and resilient trading infrastructure.

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