Coinbase falters again during bitcoin’s explosive rise

-->The American Coinbase is known for sometimes running into problems during bitcoin bull markets. Yesterday it happened again when the bitcoin price shot towards 64,000 dollars. Some users reported the so-called zero balance bugmeaning their account was suddenly empty.

Of course, the accounts in question were not actually empty, but it was an error in Coinbase’s database.

Big shock for some users

Of course, this comes as a huge shock to some users. Especially if you are not tech savvy and cannot come up with an explanation for the $0.00 account balance that appears on your screen.

Many people will have thought they had been hacked when the bitcoin price shot through the roof. That would of course be a huge drama.

Fortunately for them, that turned out not to be the case.

The bug still doesn’t seem to have been fixed, but according to Coinbase, users’ balances are at least not in danger. This ensures that people cannot buy and sell, which in theory can also cause significant damage.

Resistance for Coinbase and bitcoin

The bitcoin price shot up to $64,000 a few minutes before the incident. However, at the time of writing, we have dropped to $61,400.

Coinbase’s share followed a similar trajectory as the bitcoin price. While Bitcoin continues to inch closer to its all-time high of $69,000, Coinbase reached the level of $211 per share.

That’s slightly below the 52-week high of $212 for Coinbase’s share price. However, it has since fallen back to the $202 level.

Coinbase’s all-time high is $357, which, like Bitcoin’s, was set on November 10, 2021.

In any case, crypto influencer Ran Neuner has a clear explanation for Coinbase’s problems: “I’ve seen this before! This is the full madness of a runaway bull market!!”