Cryptocurrency exchange Coinbase experienced technical issues on Wednesday as bitcoin, the world's largest cryptocurrency, rose to its highest price in more than two years.
The Coinbase support team has assured all users that their funds on the cryptocurrency exchange are safe and its team is looking into the incident Share on Xthe platform formerly known as Twitter.
“We are aware that some users may see a zero balance across their Coinbase accounts and may experience errors buying or selling. Our team is investigating this matter and will provide an update soon. Your assets are safe,” Coinbase Support wrote.
The platform did not give a reason for the outage. Buy, sell, trade, and transfer capabilities are not available on the Coinbase website and Coinbase mobile while the issue is resolved, according to the website.
Coinbase co-founder and CEO Brian Armstrong took to the platform to apologize for the disruption.
“We are dealing with a significant increase in traffic – we apologize for any issues you are experiencing.” The team is working to address it, Armstrong said. Written on X.
The price of one bitcoin surpassed $60,000 for the first time since November 2021, when the digital asset reached an all-time high of nearly $67,000. The digital asset was approaching a new record high when the outage occurred.
Bitcoin has undergone an astonishing transformation since last January, when the value of one bitcoin was less than $20,000. The value of digital assets has doubled in the past four months alone.
The surge coincided with the SEC's approval of the first U.S. exchange-traded funds in January, opening the door to billions of dollars in investments from major financial institutions.
Coinbase is one of the biggest players in Washington pushing for cryptocurrency policy as the industry explodes, publicly clashing with the Securities and Exchange Commission and its Chairman Gary Gensler and courting crypto champions on Capitol Hill.
In 2023, Coinbase spent $2.9 million lobbying Congress, the Treasury Department and the Securities and Exchange Commission on issues including the 21st Century Financial Innovation and Technology Act, the Digital Assets Anti-Money Laundering Act of 2023 and stablecoins, according to federal lobbying data compiled by Money Research Group Policy OpenSecrets.
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