Many customers were worried when their account balances supposedly showed zero.
Coinbase has also mentioned that there has been a rise in latency.
As the platform takes yet another hit, crypto exchange Coinbase reassures customers that their assets are secure. Customers of Coinbase Inc. reported a problem with the platform during the recent spectacular price surge of Bitcoin (BTC).
Many customers were worried when their account balances supposedly showed zero due to a problem. Reportedly, the $100 billion drop in Bitcoin’s market worth within 15 minutes was caused by the downtime.
Coincident with the event’s discovery, the price of Bitcoin rose beyond $64,000. Nevertheless, the BTC price on the exchange fell to $59,000, likely due to the downtime. With a gain of 7.13% in the last day, the BTC has made a full recovery and is now trading at $67,306 as per data from CoinMarketCap.
Disruptive Occurrence
The zero balance on clients’ accounts has happened again, marking the second occurrence in less than a week. A representative from Coinbase has speculated that the issue may be limited to a display issue this time.
Along with the sporadic zero balance, Coinbase has also mentioned that there has been a rise in latency. Customers may rest easy knowing that their investments have not been threatened by the disruptive occurrence, according to the crypto exchange. Investigations are still continuing, however Coinbase assures that trading on the platform is fully functional.
Although the cause of the problem and its connection to the recent spike in Bitcoin price remain unknown, some sources have asserted that similar technical difficulties have occurred before inside the Coinbase ecosystem. Sudden price fluctuations in Bitcoin have been associated with these hiccups.