Coin Edition -
- Coinbase (NASDAQ:COIN) glitch led to panic, with BTC traders losing approximately $100 billion.
- BTC’s value plummeted from $64,300 to $59,461 following the outage.
- Coinbase stated that all account balance display issues have been restored.
Bitcoin traders lost approximately $100 billion in minutes following a recent glitch on the prominent U.S.-based exchange Coinbase. In the last 24 hours, Bitcoin surpassed the $64k threshold, sparking a massive frenzy from the broader financial market.
The frenzy caused Coinbase to see unanticipated traffic to its trading platform, ultimately overwhelming it. Consequently, Coinbase users could not see the actual values of their assets on the exchange, witnessing zero balances that caused panic in the crypto community.
The outages had far-reaching implications for the Bitcoin market as BTC dramatically tanked from a high of $64,300 to about $59,461 within an hour. Crypto analyst Peruvian Bull argued that the turnout had erased about $100 billion from Bitcoin’s market cap within the short time of its occurrence.
Coinbase glitch that left many users seeing a zero balance erased $100 BILLION of market cap in #Bitcoin in 15 minutes!H/t @KobeissiLetter pic.twitter.com/G8PC4LMtB9— Peruvian Bull (@peruvian_bull) February 29, 2024
Prominent community figures like Martin Hiesboeck, head of research at U.S.-based exchange Uphold, argued that “Coinbase has a lot to answer” for the loss brought by its network glitch.
Meanwhile, the Coinbase team confirmed the situation in a recent post on X. “We are aware that some users may see a zero balance across their Coinbase accounts and may experience errors in buying or selling,” the statement read.
We are aware that some users may see a zero balance across their Coinbase accounts & may experience errors in buying or selling. Our team is investigating this & will provide an update shortly. Your assets are safe.You can track this incident at https://t.co/a3pl4WiDhZ— Coinbase Support (@CoinbaseSupport) February 28, 2024
Furthermore, Coinbase disclosed that they launched an investigation into the matter, pledging to provide updates appropriately. Meanwhile, the exchange emphasized that users’ assets remain safe and unimpacted.
In subsequent updates, as promised, Coinbase stated that all users’ account balance display issues have been restored. While the Coinbase outage temporarily prevented Bitcoin from breaking its 2021 all-time high yesterday, the asset has already recovered significantly, trading at $62,811 at press time.
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