- Bitcoin price is nearing the $69,000 peak amid a broader market rally, with meme coins standing as top gainers.
- After a recent crash, Coinbase exchange is making headlines again as users report zero balances.
- Coinbase support cites latency, acknowledging the incident, and assuring of users funds being safe
Coinbase Exchange, the largest trading platform in the US is making headlines again for the wrong reasons, as users complain of zero balances on their accounts and lag in transactions.
Ascribed to a flurry of trading activities, the platform's customer support has acknowledged the incident, assuring users that their funds are safe.
We are aware some users may experience increased latency across https://t.co/ohqDivlp6Y and a few users may see intermittent zero balance. Rest assured, your funds are safe. Our team is investigating this issue and will provide an update. Trading is not impacted at this time.
— Coinbase Support (@CoinbaseSupport) March 4, 2024
This is the second time in less than two weeks that the platform is crashing in the middle of a rally. Bitcoin price is on course to its $69,000 peak, amid rising trading volume and a broader market optimism.
Bitcoin, altcoins, stablecoins FAQs
What is Bitcoin?
Bitcoin is the largest cryptocurrency by market capitalization, a virtual currency designed to serve as money. This form of payment cannot be controlled by any one person, group, or entity, which eliminates the need for third-party participation during financial transactions.
What are altcoins?
Altcoins are any cryptocurrency apart from Bitcoin, but some also regard Ethereum as a non-altcoin because it is from these two cryptocurrencies that forking happens. If this is true, then Litecoin is the first altcoin, forked from the Bitcoin protocol and, therefore, an “improved” version of it.
What are stablecoins?
Stablecoins are cryptocurrencies designed to have a stable price, with their value backed by a reserve of the asset it represents. To achieve this, the value of any one stablecoin is pegged to a commodity or financial instrument, such as the US Dollar (USD), with its supply regulated by an algorithm or demand. The main goal of stablecoins is to provide an on/off-ramp for investors willing to trade and invest in cryptocurrencies. Stablecoins also allow investors to store value since cryptocurrencies, in general, are subject to volatility.
What is Bitcoin Dominance?
Bitcoin dominance is the ratio of Bitcoin's market capitalization to the total market capitalization of all cryptocurrencies combined. It provides a clear picture of Bitcoin’s interest among investors. A high BTC dominance typically happens before and during a bull run, in which investors resort to investing in relatively stable and high market capitalization cryptocurrency like Bitcoin. A drop in BTC dominance usually means that investors are moving their capital and/or profits to altcoins in a quest for higher returns, which usually triggers an explosion of altcoin rallies.
This section below was published on February 28 at 18:49 GMT, around the time when news of the Coinbase Exchange crash broke.
Post-traumatic stress from the FTX cryptocurrency exchange debacle has crypto investors on the edge of their seats on Wednesday after Coinbase exchange crashed as users reported zero balance on their accounts.
Also Read: Bitcoin shatters $63,000 as Jim Cramer posses a rhetoric on BTC value for mankind
Coinbase exchange is down down
Amid the trading frenzy on Wednesday, which saw Bitcoin price rise to scrape $64,000, Coinbase, the largest crypto exchange in the US, crashed. Co-founder and CEO Brian Armstrong acknowledged the incident, citing a “LARGE surge of traffic.”
We are dealing with a LARGE surge of traffic - apologies for any issues you encounter. The team is working to remediate.
— Brian Armstrong ️ (@brian_armstrong) February 28, 2024
The platform’s customer support also reassured customers that while there could be errors in buying or selling, customer funds were safe. The reassurance came as some users reported zero balances despite having voluminous balances in their accounts.
$COIN
— *Walter Bloomberg (@DeItaone) February 28, 2024
COINBASE: YOUR ASSETS ARE SAFE
COINBASE: TEAM IS INVESTIGATING ISSUE & WILL PROVIDE UPDATE
COINBASE: AWARE SOME USERS MAY FORECAST A ZERO BALANCE IN ACCOUNTS
Meanwhile, the CNBC crypto trader and founder of Crypto Banter, Ran Neuner, attributes the downtime to a “full tilt bull market frenzy!!”
With the current craze in the market, it is unsurprising to see servers crash because of excessive traffic. FXStreet team will bring reports once Coinbase support confirms that normalcy is restored and the situation is resolved.
Bitcoin price retracted from the $64,000 peak to a low of $58,200, effectively wiping almost $100 billion off Bitcoin market capitalization as news of the crash broke.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC experiences volatility post $100K milestone
Bitcoin rebounds to $97,000 on Friday after a volatile drop to $90,500, following its $100K milestone the day before. Ethereum maintains bullish momentum above key support levels, signaling a potential rally toward $4,000. In contrast, Ripple exhibits bearish tendencies, hinting at further declines.
XRP chosen alongside Bitcoin as treasury assets for Nasdaq-listed Worksport
Ripple's XRP is down 5% on Thursday following an announcement from Tonneau cover manufacturer Worksport that it would add the remittance-based token as part of its corporate treasury.
Gamestop, GME meme coin surge following Roaring Kitty return
Gamestop-based meme coins rose more than 40% on Thursday after popular trader, Keith Gill, stirred excitement in the meme coin sector with a post featuring a Time Magazine picture on social media platform X.
Ethereum Price Forecast: ETH overcomes key hurdle as ETF and staking inflows improve
Ethereum is down 1% on Thursday despite rallying in the European session to overcome a key descending trendline resistance that has lasted for three years. The top altcoin has seen increased bullish sentiment across staking protocols and ETH ETFs.
Bitcoin: A healthy correction
Bitcoin (BTC) experienced a 7% correction earlier in the week, dropping to $90,791 on Tuesday before recovering to $97,000 by Friday. On-chain data suggests a modest rebound in institutional demand, with holders buying the dip. A recent report indicates BTC remains undervalued, projecting a potential rally toward $146K.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.