Bitcoin is so high that Coinbase collapsed today

Bitcoin’s rally is turning out to be bad news for Coinbase, the cryptocurrency trading app that just confirmed that some of its customers are seeing a zero balance on their Coinbase accounts. “Your assets are safe,” the company assured app users via a status page on its websiteadding that its team is investigating the issue and will provide an update shortly. [Update: The company has since said the issues are improving but the app is seeing “heightened traffic.”]

Today’s app crash has to do with recent demand for Bitcoin, the popular cryptocurrency that recently soared to $60,000 — close to its all-time high last seen in 2021. Bitcoin price rose in the wake of US bitcoin spot ETFs, driving a 42% price rally this month. Second Reutersthis was the largest monthly gain the digital asset had seen since December 2020. At the time of writing, Bitcoin surpassed $61,448, which is an increase of 7.66% today.

The sharp increase has fueled renewed interest in apps like Coinbase, which allows users to buy, sell and store crypto products in a digital wallet. This rapid increase in demand, even from more casual cryptocurrency investors, has apparently contributed to the app’s current problems, as Coinbase says the app is experiencing issues due to high traffic.

Users of the Coinbase app became concerned on Wednesday when they logged in and found that their accounts showed a zero balance, despite owning crypto assets.

Meanwhile, the company’s technical support channel on all too common with automated customer support accounts that appear to be disconnected from the ups and downs of the larger organization. The company has only now begun to tell users that it is aware of the issue and is working to resolve it quickly.

Coinbase status page was first update at 9:40am PST to acknowledge that he is looking into the problem.

“We understand that some users may see a zero balance on their Coinbase accounts and may experience errors when purchasing or selling,” the company wrote a new post on X. “Our team is investigating this and will provide an update shortly. Your assets are safe.”

The issue comes at a bad time for Coinbase, when a number of more casual investors have returned to the cryptocurrency trading market only to find they apparently have no assets.

I noticed a user on X, who shared a photo of a zero balance“My mother called me and asked me and mine was at zero too,” they said.

At 10:44am PST, Coinbase also noticed that some users were experiencing increased latency in its Help Center as well, resulting in longer than normal wait times or the inability to open a new support chat.

Coinbase updated again at 11:29am PST to indicate that “we are starting to see an improvement in client trading”. In this case, the company comments that the “increase in traffic” is to blame, which leads some customers to still see errors in logins, sending, receiving and with some payment methods.

At 12:15pm PST, Coinbase said customer access has been restored and submissions are improving. Improvements in trading on the platform are also noted, but some customers may still experience errors due to “increased traffic.”

Developing. . .

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