During an impressive high-turn performance of Bitcoin, the leading exchange, Coinbase, suffered a system outage. This incident interfered with many users’ intraday trading activities, temporarily displaying a zero balance in their accounts.
Coinbase thankfully acknowledged the technical issue that caused such disruption, resulting in users viewing a zero balance in their portfolios. The CEO, Brian Armstrong, indicated the interruption could be credited to a tenfold increase in traffic surpassing previous boundaries.
By 7:15 p.m. Eastern Time, Coinbase.com had managed to recover and resume normal operations. However, a minor proportion of customers were still experiencing inconsistencies in their account balances. Brian Armstrong intimated that excessive visitor numbers may have been at the heart of these anomalies.
Around 15 minutes later, Coinbase.com stated it was investigating these account balance inconsistencies. Admitting publically, the company recognized overload from unusually high traffic levels was predominantly the cause of their recent issues.
In a separate incident before the discrepancies were revealed, Bitcoin’s value took a significant hit. While it suffered a considerable drop shortly before the imagery of a blackout, it remains unclear if the two incidents are directly linked.
Earlier in the day, Coinbase experienced another disruption that caused a delay in Ethereum network transactions for some users. Thankfully, this issue was adequately addressed and operations resumed by 1:30 p.m. Eastern Time.
Even amidst these technical difficulties, Coinbase’s shares continued to trade above $200 around 3:27 p.m. Eastern Time. Bitcoin managed to rebound back to the $60,000 threshold by the end of the day, scoring a 5% gain.
