Leading U.S. cryptocurrency exchange Coinbase crashed as the price of Bitcoin surged to its highest level since November 2021, with CEO Brian Armstrong attributing the problem to a surge in trading volume.
The outage occurred as Bitcoin surged to $64,000 on February 28, the first time since November 2021.
We are dealing with a high volume of traffic - we apologize for any issues you experience. The team is working hard to resolve.
– Brian Armstrong ️ (@brian_armstrong)
February 28, 2024
Coinbase customer support acknowledged the glitch, saying it caused some users to mistakenly see zero balances in their accounts. Other customers also experienced errors when buying and selling.
According to Armstrong, the exchange “simulated about a 10x surge in traffic and ran load tests,” but yesterday’s trading volume exceeded even that simulation.
“It’s expensive to keep services running ahead of demand,” he said. “But we need to keep working on solving the auto-scaling problem and removing the remaining bottlenecks.”
Coinbase has since restored its services, an update said.
All customer account balances have been restored at https://t.co/ohqDivlp6Y. Thank you to all our customers for their patience.
https://t.co/RcelnYpQCi
— Coinbase Support (@CoinbaseSupport)
February 29, 2024
Coinbase outage confirms bull run, crypto Twitter says
Some cryptocurrency users on X commented lightly on the situation, saying the glitch simply confirmed that a bull run was underway.
Is it a bull run until Coinbase crashes?
Feel the nostalgia of previous cycles.
– Coin Bureau (@coinbureau)
February 28, 2024
Coinbase has a documented history of crashing during peak market activity. In April 2020, when Bitcoin almost reached a high of $9,000, both Coinbase and Coinbase Pro crashed. At the time, the exchange attributed the outage to connectivity issues.
Also in 2021, when Bitcoin hit an all-time high of up to $69,000, Coinbase reported connectivity issues resulting in failed transactions, delayed transactions, and slow performance.
Crypto Twitter now believes that Coinbase’s crash indicates that a new all-time high for Bitcoin is imminent.
Bitcoin has gained 6% in the past 24 hours, trading at $63,112 at 06:40 ET.
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