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Bitcoin’s rally is proving to be bad news for Coinbase, the crypto trading app which just confirmed that some of its customers are seeing zero balances in their Coinbase accounts. “Your assets are safe,” the company assured app users via a status page on its websiteadding that his team is investigating the issue and will provide an update shortly.
It is likely that the app crash is related to the recent demand for Bitcoin, the popular cryptocurrency which surged to $60,000. close to its all-time high last seen in 2021. Bitcoin price soared following US Bitcoin Spot ETF, leading to a 42% price increase this month. According to Reutersthis is the largest monthly gain the digital asset has seen since December 2020. Currently, Bitcoin is rising above $61,448, an increase of 7.66% today .
This sharp rise has fueled a surge of interest in apps like Coinbase, which allows users to buy, sell and hold crypto products in a digital wallet. This rapid increase in demand, including from more casual crypto investors, could have contributed to the app’s current issues, although Coinbase has yet to identify a cause.
Users of the Coinbase app became concerned on Wednesday when they logged in to find that their accounts showed a zero balance, despite owning crypto assets.
Meanwhile, the company’s tech support channel on common with automated customer support accounts that seem to be disconnected from the ups and downs of the organization as a whole. The company has only just started telling users that it is aware of the issue and is working to resolve it quickly.
Coinbase’s status page was first updated at 9:40 a.m. PST to acknowledge that it is investigating the issue.
“We are aware that some users may see a zero balance in their Coinbase accounts and experience errors when buying or selling,” the company wrote in a new post on. “Our team is investigating this matter and will provide an update shortly. Your assets are safe.
The problem comes at a bad time for Coinbase, when a number of more casual investors have returned to the crypto trading market to discover they apparently have no assets.
Noticed a user on who shared a photo of a zero balance“My mom called me and asked and mine was zero too,” they said.
Development….
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