Crypto exchange Coinbase encountered another technical glitch on March 4, leaving some users unable to view their account balances for approximately three hours.
At 5:36 pm UTC, Coinbase acknowledged the issue, stating that a subset of users may experience intermittent zero balance and latency across their accounts. However, the glitch did not affect trading activities.
Swift Resolution and Continuous Monitoring
Coinbase swiftly initiated a fix by 6:21 pm UTC, resolving the issue within three hours of detection. The exchange continued to monitor the situation closely and confirmed full resolution by 8:29 pm UTC.
This incident closely follows a similar occurrence just five days earlier on Feb. 28, when users encountered a zero balance glitch that lasted for several hours. Coinbase resolved that issue after approximately seven hours.
Traffic Surge Suspected as Root Cause
While the exact cause of the recent glitch remains undisclosed, Coinbase attributed the Feb. 28 incident to increased traffic. Despite the resolution of both issues, ongoing high trading volumes suggest sustained demand, likely fueled by Bitcoin’s remarkable price surge.
As of March 4, Bitcoin’s value reached $67,481, inching closer to its November 2021 all-time high. The cryptocurrency’s 24-hour performance showcased a 7.1% increase and a 23.6% rise over the past week.
Coinbase users speculate about the underlying cause of these glitches, with theories ranging from technical mishaps to deliberate interference. However, the most plausible explanation seems to be the sudden influx of traffic during periods of intense market activity.
Also Read: Coinbase Crash: Is Bitcoin Bracing for Another Bull Run?
Recommendations for Coinbase Users
- Regularly Monitor Account Activity: Stay vigilant about any irregularities in account balances or trading activities.
- Maintain Secure Access: Ensure the security of your Coinbase account by utilizing strong passwords and enabling two-factor authentication.
Market Impact and Speculation
The consecutive glitches on Coinbase coincide with Bitcoin’s impressive price rally, raising concerns among users about the exchange’s operational reliability during periods of heightened market activity.
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