Coinbase Outage Leaves Users Unable to Access Funds and Trade as Bitcoin Prices Skyrocket
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Essential Insights
- An outage at Coinbase disrupted service for certain users while bitcoin experienced a significant price increase, reaching a multi-year high.
- Coinbase acknowledged the issue and communicated that resolution efforts were underway.
- According to Brian Armstrong, the co-founder and CEO of Coinbase, the outage was triggered by a significant uptick in usage.
- For the first time since 2021, bitcoin exceeded the $63,000 benchmark during Wednesday’s intraday trading session.
During Wednesday’s trading, a Coinbase outage (COIN) resulted in numerous users seeing a zero balance and being unable to conduct transactions as bitcoin (BTCUSD) ascended above the $63,000 level.
Coinbase’s status page was updated at 9:40 a.m. Pacific Time, reassuring that users’ funds were secure and that the platform was investigating the zero balance display and transaction error issues some were experiencing.
With Wednesday’s rally taking bitcoin to the highest price point since November 2021, Brian Armstrong, the Coinbase co-founder and CEO, cited a spike in platform usage as the likely culprit for the outage, as mentioned in a statement on platform X.
By 7:15 p.m. Eastern, normal operations were reportedly restored on Coinbase’s website, yet some customers still encountered inaccuracies regarding their account balances. Earlier in the day, it was confirmed that an influx of traffic had contributed to the difficulties. Armstrong also remarked on X that the traffic experienced was over 10 times more than what Coinbase’s infrastructure had been stress-tested for.
It’s not possible to confirm a direct link, however, there was a notable dip in bitcoin pricing shortly before Coinbase’s notification of the service disruption.
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In an additional event earlier in the day, Coinbase experienced another interruption that delayed transactions for some users on the Ethereum network, which was addressed by approximately 1:30 p.m. Eastern.
Shares in Coinbase experienced a slight dip after an initial surge, with a modest 0.79% increase, as the price hovered just over $200 around 3:27 p.m. ET Wednesday. Bitcoin retreated below the $60,000 mark before recovering, ultimately marking an approximate 5% increase for the day.
(Update—Feb. 28, 2024: This content was revised to reflect the latest updates on the outage as reported by Coinbase, additional commentary from CEO Brian Armstrong via his posts on platform X, and the most recent trends in market prices.)
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