Feb 28, 2024 - Business

Coinbase investigating issue impacting trading, customer balances

Pete Gannon

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.

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Coinbase investigating issue impacting trading, customer balances

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