Coinbase says user activity normalizing after brief issue

ISTANBUL

Cryptocurrency exchange platform Coinbase said user activity is normalizing after a brief issue with its system on Wednesday.

Some users reported earlier on social media that they were seeing a zero balance across their accounts and experienced difficulties in buying and selling crypto assets.

"We are dealing with a LARGE surge of traffic - apologies for any issues you encounter. The team is working to remediate," CEO Brian Armstrong wrote on X.

Coinbase later said on X that it was beginning to see an improvement in customer trading but added that "due to increased traffic, some customers may still see errors in login, sends, receives and with some payment methods. Rest assured your funds are safe."

"We are starting to see Coinbase.com activity normalizing. We will continue to monitor our systems and provide updates," it later wrote on X around 4.p.m. EDT.

Coinbase is the biggest cryptocurrency exchange platform in the US in terms of trading volume.

The issues on the platform started after the price of Bitcoin surpassed the $60,000 level around 8.30 a.m. EDT for the first time in more than two years.

Bitcoin saw its price jumping to almost $64,000 around 12.05 p.m. EDT before suddenly diving to $58,700 at 12.30 p.m. EDT.

The massive price fluctuation is estimated to have caused more than $600 million in liquidations for all assets in the crypto market.

It was trading around $60,500 at 4.45 p.m. EDT for a daily gain of 6.4%.