A significant technical glitch was recently experienced on the major cryptocurrency platform, Coinbase. Many users were distressed to see their account balances had inexplicably dropped to zero.
Simultaneously, Bitcoin also reported a sharp decline in value, losing approximately $2,800 in a short span of time. This underlined the volatility of the cryptocurrency market and induced panic selling, which further deepened Bitcoin’s decline.
Coinbase recognized the issue and reassured its users that their assets were safe and that a dedicated team was working tirelessly to resolve the glitch. They emphasized that despite the inconvenience and unrest, users should remain patient as they expedited the restoration of full services.
During the glitch, users were advised to regularly check Coinbase’s dedicated status page for ongoing updates. Users reported seeing a $0.00 balance, but they also received notifications that the issue was being addressed by Coinbase.
Interestingly, despite the glitch, Bitcoin soared past the $60,000 mark for the first time since 2021, pushing its total market cap to nearly $1.2 trillion. Other cryptocurrencies such as Ethereum and Dogecoin also registered substantial gains, reflecting a positive trend in the digital currency market.
This trend also attracted considerable interest from global investors eager to add digital currencies to their portfolios. In response to the growing demand, technology firms began developing innovative solutions to streamline cryptocurrency trading operations.
Despite the initial improvements, Coinbase issued a warning to users about potential inconsistencies in logins, transactions, and payment methods due to the high traffic on the site. The company pledged its unwavering commitment to rectifying the situation as soon as possible.
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