Cryptocurrency exchange Coinbase has seemingly crashed following the Bitcoin pump taking place today. The exchange has notified its users and expressed their awareness of the ongoing issuers. Moreover, the exchange’s status page stated that a team is investigating the problem and that some users “may forecast a zero balance” in their accounts.
BTC has surged a remarkable 8% in the last 24 hours, according to CoinMarketCap, surpassing the $61,500 mark today. Indeed, the ascension has been a third consecutive day of gains for Bitcoin, with the entire digital asset market up due to its impressive performance.
Also Read: Bitcoin: $90 Million in BTC Shorts Liquidated in the Last 24 Hours.
Coinbase Crashes Amid Bitcoin Surge
The digital asset sector had high hopes for Bitcoin heading into 2024. Amid the approval of 11 Spot Bitcoin ETFs, optimism abounded for the entire market at the start of the year. Just a month after the approvals, that faith is being repaid with a monumental rise for BTC over the last several days.
However, the rally has seemingly resulted in one popular cryptocurrency exchange halting its services. Specifically, Coinbase has seemingly crashed amid the ongoing Bitcoin Pump. The exchange has not yet notified users of the source of the issue but has asserted that they are aware and working on correcting the problem.
Also Read: Coinbase Trading Volume Outside of the US Passes $1B
Coinbase has told users that their assets are safe amid the recent crash. Moreover, they have dispatched a specified team to investigate the ongoing issue, with an update to be provided when the root cause is determined. Subsequently, Coinbase CEO Brian Armstrong has said that the exchange is “dealing with a LARGE surge of traffic.”
The traffic preceding the crash arrived as Bitcoin, Ethereum, and other assets are up to start Wednesday. The gains have been a part of an ongoing pattern for many tokens throughout this week. Alternatively, Coinbased has not given a timeframe for the issuers to be resolved to this point.