Summary
TLDR: Coinbase faced a network outage as Bitcoin’s value surged past $60,000, causing issues for users with zero balances and errors in buying/selling. The CEO attributed the problem to increased traffic due to Bitcoin’s performance, highlighting the challenges of maintaining service stability in the cryptocurrency market.
Key Points
1. Coinbase faced a significant outage as Bitcoin’s value soared past $60,000.
2. The surge in Bitcoin’s price volatility overwhelmed Coinbase, leading to users experiencing zero balances and errors while trading cryptocurrencies.
3. Coinbase’s CEO, Brian Armstrong, attributed the platform’s issues to the overwhelming influx of traffic sparked by Bitcoin’s remarkable performance, highlighting the challenges faced by cryptocurrency exchanges in maintaining service stability amid market movements.