Bitcoin reaches $67k, causing Coinbase to experience another outage.

Coinbase users from all over the world once again experienced the frustration of seeing their crypto balances reduced to zero, just as Bitcoin reached a new high of over $67,000 for the first time in more than two years.

This incident occurred as Bitcoin (BTC) reached its highest point in 28 months on March 4th, causing Coinbase, one of the leading crypto exchanges, to suffer its second outage in less than a week. The crypto fear and greed index, which measures user and trader interest, stood at 82, indicating a strong level of enthusiasm in the market.

The CEO of Coinbase, Brian Armstrong, had previously stated that the platform was prepared to handle ten times the usual traffic during the first outage of the year on February 28th. However, the exchange experienced even higher usage than anticipated as Bitcoin surged upwards. This suggests that the outage was triggered by even greater platform activity.

During the downtime, which lasted for several hours, Coinbase assured its users that their funds were safe and that engineers were working diligently to restore normal operations. However, customers were still dissatisfied with the situation, as it disrupted their regular activities and raised concerns about the exchange’s ability to handle heavy traffic during a bull market.

Social media posts revealed that users were less worried about their zero account balances and more concerned about the temporary collapse of a major exchange due to increased transactions caused by market price increments.

This is an ongoing story, and updates will be provided as more information becomes available.