Feb 28, 2024 - Business

Coinbase investigating issue impacting trading, customer balances

A mobile phone screen showing the Coinbase site, with "please wait" on the screen.

Photo by Smith Collection/Gado/Getty Images

Coinbase is investigating an issue impacting trading on the exchange, and which is incorrectly showing some user account balances as zero.

Why it matters: The issues on the centralized crypto exchange come on a heavy day of volatility for bitcoin, where the world's oldest cryptocurrency hit its highest levels since November 2021.

Between the lines: As of 2:29pm ET, Coinbase said it was beginning to see improvement in customer trading.

  • Blaming heavy traffic, it warned that customers may still experience issues at login, and with "sends, receives and with some payment methods."
  • Customer funds on the site are safe, it said.

Zoom out: Bitcoin was trading just above $61,000 Wednesday afternoon in a wild day of trading, which has seen its price range nearly $7,000 over the past 24 hours.

  • Its current trading level is down 4% from today's high, but up almost 7% over the past 24 hours, and up 19.7% over the past seven days.
Go deeper