Cryptocurrency exchange Coinbase encountered a technical problem on Wednesday as the world's largest cryptocurrency soared to its highest value in more than two years.
Coinbase support assured all users that funds on the cryptocurrency exchange are safe and that its team is investigating the incident. Post to Xthe platform formerly known as Twitter.
“We are aware that some users may see zero balances across their Coinbase accounts or experience errors when buying or selling. Our team is investigating this issue and We are working hard to ensure that your assets are safe and will provide you with an update soon. Your assets are safe,” Coinbase Support wrote.
The platform did not disclose the reason for the suspension. According to the website, purchasing, selling, trading, and money transfer functionality will be unavailable on the Coinbase website and Coinbase Mobile while the issue is resolved.
Coinbase co-founder and CEO Brian Armstrong took to the platform to apologize for the confusion.
“We are dealing with a large traffic spike. We apologize for any issues you may experience. Our team is working on remediation,” Armstrong said. I wrote to X.
The price of one Bitcoin exceeded $60,000 for the first time since November 2021, when the digital asset hit an all-time high of about $67,000. The digital asset was nearing a new record when the outage occurred.
Bitcoin has made a remarkable recovery since January of last year, when one Bitcoin was worth less than $20,000. The value of this digital asset has more than doubled in the past four months alone.
The rally comes at the same time that the Securities and Exchange Commission (SEC) approved the first-ever U.S. spot ETF in January, opening the door to billions of dollars in investment from major financial institutions.
Coinbase has been one of the biggest players in Washington pushing crypto policy as the industry explodes, publicly clashing with the SEC and Chairman Gary Gensler and courting crypto advocates on Capitol Hill. ing.
According to federal lobbying data compiled by Coinbase, Coinbase will approach Congress, the Treasury Department, and the SEC on issues such as the 21st Century Financial Innovation and Technology Act of 2023, the Digital Asset Money Laundering Prevention Act of 2023, and stablecoins. It spent $2.9 million on lobbying. Political finance research group OpenSecrets.
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