Coinbase Outage in 2025 Leaves Users with Zero Balances Amid Bitcoin Surge Above $63,000

Highlights of the Coinbase 2024 Outage

• During a major Bitcoin rally, Coinbase users faced trading interruptions and zero balance displays.
• The platform acknowledged the issue and is actively working on a fix.
• CEO Brian Armstrong attributed the outage to an unprecedented traffic surge exceeding tested limits.
• Bitcoin reached over $63,000 intraday, its highest since 2021, coinciding with the service disruption.

On a pivotal trading day in 2024, Coinbase experienced an outage that caused some users to see zero balances in their accounts and prevented them from executing trades, despite Bitcoin soaring beyond $63,000. The Coinbase status page confirmed that customer assets remained secure while acknowledging technical errors affecting account visibility and transaction capabilities.

Brian Armstrong, Coinbase's co-founder and CEO, explained via social media that the outage was triggered by an extraordinary increase in platform traffic—over ten times the volume Coinbase had previously tested for stability. This surge aligned with Bitcoin's intraday price peak, marking the highest valuation since late 2021.

By early evening Eastern Time, Coinbase restored most services, though some users still encountered inaccurate account balances. Earlier disruptions also affected Ethereum network transactions, which were resolved by mid-afternoon.

Coinbase's stock showed modest gains despite the outage, trading slightly above $200, while Bitcoin's price fluctuated, briefly dipping below $60,000 before recovering to close the day approximately 5% higher.

Update as of February 28, 2024: This article incorporates the latest outage information, CEO Armstrong's statements, and recent market movements.

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