Coinbase on Wednesday faced a technical glitch after a surge in Bitcoin prices resulted in huge demand. Many customers of the Coinbase app reported that they saw zero balance in their accounts. In response to the entire glitch, Coinbase said that the company was “investigating” the whole matter.
According to CNBC, on Wednesday, Coinbase’s app experienced technical issues that caused many users to perceive a zero value when they opened their accounts.
“We acknowledge that certain users might encounter issues when purchasing or selling on Coinbase and see a zero balance across all of their accounts,” Coinbase said in a statement to CNBC. “Our staff is looking into this matter and will bring you an update soon. The things you own are secure.”, they added.
Coinbase’s application glitch came at a time when Bitcoin prices had skyrocketed to $60,000. The surge in price might have resulted in a heavy volume and intense traffic for the application. Bitcoin reached a price of $60,000, a fraction of its peak of $68.6K, reached 27 months ago. The rally in Bitcoin prices comes on the back of rising inflows for Bitcoin ETFs.
Spot Bitcoin ETFs are enjoying a fantastic start to the week; they witnessed an inflow of $520 million on Monday and another significant inflow of $577 million on Tuesday. The massive inflow came when $520 million was invested in the BlackRock iShares Bitcoin ETF, helping to push the price of Bitcoin up to $60,000.
Also Read: Bitcoin ETFs Break Another Record With Skyrocketing Daily Volumes
According to CNBC, Coinbase informed its users that “we’re beginning to see improvements in customer trading” though because of increased traffic, “some customers may still see login errors, sends, receives and with some payment methods.” With the current surge in prices, exchanges, and Bitcoin service providers will likely see massive traffic for some days. In the wake of the current bull run, likely, market players will now focus on keeping the system afloat to meet the huge traffic demand.
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