On Wednesday, users of the Coinbase app encountered glitches that resulted in many seeing a balance of zero when accessing their accounts. The sudden malfunction caused confusion and concern among users, especially amidst Bitcoin's recent price surge.

Technical Issues Impact Bitcoin Trading

Bitcoin, which had recently reached its highest level since November 2021, experienced a sudden drop of over 4%, losing about $2,800 in value within minutes after reports of the Coinbase app outage began circulating on social media and other platforms. The timing of the glitch coincided with a period of heightened activity in the cryptocurrency market, adding to the frustration of affected users.

In response to the widespread reports of zero balances and errors in buying or selling, Coinbase stated to CNBC that it acknowledged the issue and assured users that their assets were safe. The company also informed users that their team was actively investigating the problem and would provide updates shortly.

Bitcoin Surges Despite Technical Hiccups

Despite the temporary disruption caused by the Coinbase app glitch, Bitcoin continued its upward trajectory, surpassing $60,000 for the first time since 2021.

According to CNBC, this milestone marked a significant achievement for the cryptocurrency, with its total market capitalization nearing $1.2 trillion.

A Business Insider report also didn't specify how many users have been affected by the apparent outage.

Coinbase later provided an update on X, indicating that improvements were underway in customer trading. However, due to the increased traffic on the platform, some users might still experience errors related to login, transactions, and payment methods.

The company reassured users that they were working diligently to address these issues and restore normal functionality to the platform as soon as possible.

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