Coinbase experiences a system failure amidst Bitcoin surge, causing users to witness zero balances.

The Coinbase exchange has experienced a complete system failure amidst the bullish market conditions, leaving users with a frustrating “zero” balance in their accounts. This has led to an outpouring of anger from cryptocurrency enthusiasts on social media, who are unable to access their funds on the leading U.S. exchange. Some users have also reported errors when attempting to buy or sell, compounding their frustrations.

Coinbase swiftly acknowledged the issue and assured users that it was currently under investigation. The exchange also clarified that there have been significant delays in transferring funds over the Ethereum ERC-20 network.

Speculation has arisen among several users that this crash may be a deliberate move by the exchange to mitigate flash sales, as major cryptocurrencies like Bitcoin and Ethereum have experienced substantial price surges today. Bitcoin briefly reached the $64,000 mark just an hour ago, only to plummet back down to the $61,000 range. However, other reports suggest that this crash was primarily caused by the unprecedented influx of users on the exchange due to the current bull market. It is important to note that these claims regarding crashes on other major exchanges, including Binance and KuCoin, have yet to be verified.

Unfortunately, Coinbase’s system failures during bullish market periods are not uncommon, as technical issues often arise when platforms struggle to handle the increased volume of buying and selling. Consequently, members of the crypto community are furious that platforms like Coinbase lack the necessary technical safeguards to manage such issues effectively.

This situation is still developing, and further updates will be provided as more information becomes available.