It seems that Bitcoin’s recent surge in value is not good news for everyone. Coinbase, the popular crypto trading app, has confirmed that some users are encountering a zero balance in their accounts. In an effort to reassure their customers, the firm has released a statement on their website’s Status page assuring them that their assets are safe. The team is currently investigating the issue and promises to provide an update soon.
This could be a result of the soaring demand for Bitcoin, which has surged to $60,000 – close to its previous all-time high in 2021. The recent rise in the value of Bitcoin is due to the introduction of U.S. spot Bitcoin ETFs, resulting in a 42% rally in price this month. According to Reuters, this is the highest monthly gain for the digital asset since December 2020. At present, Bitcoin has reached $61,448, marking a 7.66% increase today.
With this sharp increase, there has been a renewed interest in apps like Coinbase, which allows users to trade and hold various cryptocurrencies in a digital wallet. This sudden surge in demand, including from more casual crypto investors, could be a contributing factor to the current issues faced by the app. However, Coinbase has not yet identified a specific cause.
On Wednesday, users of the Coinbase app were alarmed to find that their accounts were showing a zero balance despite owning crypto assets.
We are aware that some users may see a zero balance across their Coinbase accounts and may experience errors in buying or selling. Our team is currently looking into this and will provide an update soon. Rest assured, your assets are safe.
Users can track the progress of this incident on Coinbase’s Status page at https://www.coinbase.com/support. Meanwhile, the company’s tech support team on Twitter (formerly known as X) has been responding to users with standard troubleshooting steps instead of acknowledging that the issue lies with Coinbase. This has become a common issue with automated customer support accounts that seem to be disconnected from the larger organization and its ups and downs. However, the company has now begun to acknowledge the issue and is working to resolve it promptly.
Coinbase’s Status page was first updated at 9:40 AM PST to acknowledge the issue and provide an update.
We are aware that some users may see a zero balance across their Coinbase accounts and may experience errors in buying or selling. Our team is currently investigating this and will provide an update soon. Rest assured, your assets are safe.
This unfortunate incident comes at an inopportune time for Coinbase, as many casual investors have returned to the crypto market only to find that their assets are seemingly gone.
My mom called me and asked if my Coinbase account showed a zero balance, and I checked and mine was at zero too,
one user on Twitter shared along with a screenshot of their account balance.
Another user expressed relief in knowing that they were not alone in experiencing this issue, Good to know everyone else’s Coinbase account is showing zero as well because I was about to cry in my car,
they tweeted with a screenshot of their balance.
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