cryptocurrency exchange coinbase Another technical glitch occurred on March 4, preventing some users from seeing their account balances for about three hours.
At 5:36 PM UTC, Coinbase acknowledged the issue, noting that some users may be experiencing intermittent zero balances and lag times across their accounts. However, this glitch did not affect trading activity.
Rapid resolution and continuous monitoring
Coinbase quickly began remediation efforts by 6:21 PM UTC, resolving the issue within three hours of detection. The exchange continued to monitor the situation closely and confirmed a full resolution by 8:29 PM UTC.
This incident is closely related to a similar incident just five days ago on February 28th, when users experienced a zero balance glitch that lasted for several hours. Coinbase resolved the issue about seven hours later.
Traffic spikes suspected as root cause
The exact cause of the recent glitch is not yet known, but Coinbase stated: February 28, increased traffic incident. Despite both issues being resolved, continued high trading volume suggests continued demand, fueled by Bitcoin’s surprising price surge.
As of March 4, the value of Bitcoin reached $67,481, inching closer to its all-time high set in November 2021. Cryptocurrency 24-hour performance showed an increase of 7.1% and 23.6% compared to last week.
Coinbase users speculate on the root cause of these glitches, with theories ranging from technical accidents to intentional interference. However, the most likely explanation is a sudden influx of traffic during a period of high market activity.
Also Read: Coinbase Crash: Is Bitcoin Poised for Another Bull Market?
Recommendations for Coinbase Users
- Monitor your account activity regularly. Be alert to any irregularities in your account balance or trading activity.
- Maintain secure access: Ensure the security of your Coinbase account by using a strong password and enabling two-step authentication.
Market Impact and Speculation
Coinbase’s string of glitches coincides with Bitcoin’s impressive price rise, raising concerns among users about the exchange’s operational reliability during periods of high market activity.