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- 1 The renowned crypto exchange faced a technical issue that led some users to see a zero balance.
- 2 Bitcoin saw a market euphoria and rose past the levels of November 2021.
Wednesday was quite a tumultuous day for the crypto world. Coinbase, a trusted platform for trading cryptocurrencies, is currently investigating an issue that led some users to see a zero balance. The company assured customers that their funds are secure and it was just a tech glitch.
A representative from Coinbase told Business Insider that certain users have reported seeing zero balances and facing errors while attempting to make transactions. In response, the Coinbase exchange released a statement acknowledging the problem and confirming that they would resolve it.
Specific details about when or how the platform will be restored were not disclosed. Coinbase has emphasized that users’ assets are safe and recommended checking the status page for future updates.
One user shared a screenshot displaying a balance of $0.00. Received a notification labeled “Site Performance,” indicating ongoing investigations. Coinbase updated on social media with news regarding improvements in customer trading. However, the centralized crypto exchange acknowledged that some users may still encounter glitches in certain functions due to increased activity.
Bitcoin Has Surged Above $60,000
On 28 February, Bitcoin faced volatility after peaking at over $64,000. Its value since November 2021. Bitcoin swiftly dropped by around $2,800 or 4% in minutes.
Bitcoin’s rise above $64,000 was fueled by market sentiment, increased trading volume, and notable changes in the economic landscape. The introduction of U.S. Spot Bitcoin exchange-traded funds (ETFs), and the upcoming Bitcoin halving followed by an adjustment have been critical factors in drawing investment into the market.
The Pessimistic Side of the Crypto Rally
The experts are saying that it is just a speculation and pump. On the pessimistic side, it is said that the big players are finding an opportunity to dump once again on the retailers.
It has happened several times with Bitcoin and other cryptocurrencies as it lacks regulation from authorities, unlike stocks. P Vasudevan, an executive director at the Reserve Bank of India (RBI), said during a panel discussion organized by IIM that cryptocurrencies like Bitcoin do not have any underlying value. Therefore, it cannot be considered as a currency.
Even the CEOs of big investment banks like Goldman Sachs and JP Morgan have warned people about the danger of cryptocurrencies. They have also praised blockchain and called it a revolutionizing technology. It is essential to see both sides of a highly speculative and volatile investment to safeguard the capital.
Summary
Coinbase had a technical glitch in its wallet that created a sense of panic in the market; users were seeing zero balances on their portfolio accounts. Market sentiment and increased trading volume fueled Bitcoin’s rise to over $64,000. However, some experts believe it is just big players taking advantage of retailers.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading in stocks, cryptos or any other related indexes comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
