Bitcoin

Update, Feb. 28,&nbsp;6:53 pm UTC: Coinbase services appear to be returning with users reporting seeing expected figures after their accounts previously showed a zero balance due to the bug.&nbsp;
A <a href="https://cointelegraph.com/news/bitcoin-price-hits-64k-as-traders-anticipate-new-all-time-high-before-halving">surging Bitcoin price between 5:00 and 6:00 pm UTC</a>&nbsp;on Feb. 28 may have caused a disruption in Coinbase services, with widespread reports of accounts suddenly showing a zero balance beginning to populate social media.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-02/d0597ee2-ccfd-4da0-aca7-69f4c791f126.png" alt="" title="">
</figure>
As of the time of publication, the apparent bug appears to be ongoing, but Coinbase said funds are safe: 
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-02/983f8a84-d5da-4a73-bc88-1a430d8802b6.png" alt="" title="">
 <figcaption style="text-align: center;">
 Source: <a href="https://twitter.com/CoinbaseSupport/status/1762899058060890556" target="_blank" rel="noopener nofollow">@CoinbaseSupport</a>
 </figcaption>
</figure>
<blockquote data-ct-non-breakable="true">
 “We are aware that some users may see a zero balance across their Coinbase accounts &amp; may experience errors in buying or selling. Our team is investigating this &amp; will provide an update shortly. Your assets are safe.”
</blockquote>
The price of Bitcoin (<a href="https://cointelegraph.com/bitcoin-price">BTC</a>) surged above $64,000 in the minutes leading up to the incident. However, as of the time of publication, it has retreated to $61,400.
Coinbase (COIN) stock followed a similar trend. As Bitcoin nearly closed in on its current all-time high of $69,045, COIN reached $211 a share, just shy of its 52-week high of $212. It has since fallen back to $202 at the time of publication.&nbsp;
COIN’s all-time-high of $357 coincided with Bitcoin’s, which was set on Nov. 10, 2021.
It’s unclear at this time what caused the issue, but as some users have pointed out, Coinbase users have experienced similar technical issues in the past. 
<figure>
 <img src="https://s3.cointelegraph.com/uploads/2024-02/654f388d-ef74-49c5-89ad-8af18589ee53.png" alt="" title="">
 <figcaption style="text-align: center;">
 Source: <a href="https://twitter.com/cryptomanran/status/1762896069111824410" target="_blank" rel="noopener nofollow">@cryptomanran</a>
 </figcaption>
</figure>
A message shared with Cointelegraph indicated that customer support avenues such as phone and virtual assistant support were unavailable. 
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-02/779abb5a-8e36-4b1f-9bfd-3f7c375b8cdf.png" alt="" title="">
</figure>
In the meantime, approximately 30 minutes after first acknowledging the incident on social media, Coinbase updated its online user interface to display a banner indicating that the issue is ongoing and being investigated.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-02/9f86a59f-451c-4c0a-8169-87fd7c135b45.png" alt="" title="">
</figure>
Cointelegraph reached out to Coinbase for comment but didn’t immediately receive a response. 
Related: <a href="https://cointelegraph.com/news/bitcoin-price-hits-64k-as-traders-anticipate-new-all-time-high-before-halving">Bitcoin price hits $64K as traders anticipate new all-time high before halving</a>

Coinbase users report zero balance bug as Bitcoin price taps $64K

Cointelegraph

Other articles published on Feb 28, 2024

Here’s the Upside Potential for Solana (SOL) in the Coming Crypto Bull Run, According to InvestAn...

Lionel Messi To Appear As a Guest In JTP RWA Launch Event

Cardano Price Shows Major Bearish Signs, ALGT Moves Closer to End of Stage 1 Presale

Rising Scam: Users’ Crypto Withdrawals Blocked on Coinsbit Exchange

Matrixport Applies for Crypto Trading License in Hong Kong

Bitcoin touches $64k for first time since 2021

Join our free newsletter for daily crypto updates!