Following the recent surge in Bitcoin’s value, users of the popular crypto trading app Coinbase have reported seeing a zero balance in their accounts. This issue has arisen as a result of the heightened demand for Bitcoin, which has reached close to $60,000, nearing its all-time high. The surge in Bitcoin’s price has led to a 42% increase this month, the largest monthly gain since December 2020. At the time of writing, Bitcoin was valued at over $61,448, marking a 7.66% increase today.
Key Takeaway
The surge in Bitcoin’s value has led to increased demand for crypto trading platforms like Coinbase, resulting in technical issues such as zero balance displays for some users. Coinbase is actively working to address these issues and has assured users that their assets are safe.
App Crash and Increased Demand
The surge in Bitcoin’s value has sparked a renewed interest in platforms like Coinbase, where users can engage in buying, selling, and holding various cryptocurrencies. However, the rapid increase in demand, particularly from casual crypto investors, has seemingly contributed to the app’s current issues. Coinbase has acknowledged that the app is experiencing difficulties due to high traffic, leading to concerns among users who found their accounts displaying a zero balance despite owning crypto assets.
Company’s Response and User Concerns
Coinbase has assured its users that their assets are safe and that the company’s team is actively investigating the issue. However, the company’s tech support channel initially provided standard troubleshooting steps to users, seemingly unaware of the problem on Coinbase’s end. This has led to frustration among users, with many expressing their concerns on social media platforms like X (formerly Twitter).
Ongoing Efforts to Resolve the Issue
As of the latest updates, Coinbase has acknowledged the issue on its Status page and has informed users that it is working to resolve the problem quickly. The company has noted that some users may still experience errors in logins, sends, receives, and with certain payment methods due to the increased traffic. Despite these challenges, Coinbase has indicated that it is beginning to see improvements in customer trading and login processes.
