Story Highlights – Coinbase’s app experienced technical issues that caused many users to perceive a zero value when they opened their accounts.- Coinbase’s application glitch came at a time when Bitcoin prices had skyrocketed to $60,000.- Coinbase informed its users that “we’re beginning to see improvements in customer trading”.Coinbase on Wednesday faced a technical glitch after a surge in Bitcoin prices resulted in huge demand.Many customers of the Coinbase app reported that they saw zero balance in their accounts.In response to the entire glitch, Coinbase said that the company was “investigating” the whole matter.
Coinbase Suffers Technical Glitch According to [CNBC](https://www.cnbc.com/2024/02/28/coinbase-users-see-0-balance-after-crypto-trading-app-suffers-glitch.html), on Wednesday, Coinbase’s app experienced technical issues that caused many users to perceive a zero value when they opened their accounts.“We acknowledge that certain users might encounter issues when purchasing or selling on Coinbase and see a zero balance across all of their accounts,” Coinbase said in a statement to CNBC.
“Our staff is looking into this matter and will bring you an update soon.The things you own are secure.”, they added.Coinbase’s Glitch Comes Amid Surge in Bitcoin Price Coinbase’s application glitch came at a time when [Bitcoin](https://coingape.com/bitcoin-price-historical-data-suggests-barriers-for-further-surge/) prices had skyrocketed to $60,000.The surge in price might have resulted in a heavy volume and intense traffic for the application.
Bitcoin reached a price of $60,000, a fraction of its peak of $68.6K, reached 27 months ago.The rally in Bitcoin prices comes on the back of rising inflows for Bitcoin ETFs.Spot Bitcoin ETFs are enjoying a fantastic start to the week; they witnessed an inflow of $520 million on Monday and another significant inflow of $577 million on Tuesday.The massive inflow came when $520 million was invested in the BlackRock iShares Bitcoin ETF, helping to push the price of Bitcoin up to $60,000.
Recommended Articles Also Read: [Bitcoin ETFs Break Another Record With Skyrocketing Daily Volumes](https://coingape.com/bitcoin-etfs-break-another-record-with-skyrocketing-daily-volumes/) Coinbase in Works to Sort Application Glitch According to CNBC, Coinbase informed its users that “we’re beginning to see improvements in customer trading” though because of increased traffic, “some customers may still see login errors, sends, receives and with some payment methods.” With the current surge in prices, exchanges, and Bitcoin service providers will likely see massive traffic for some days.In the wake of the current bull run, likely, market players will now focus on keeping the system afloat to meet the huge traffic demand.[Snowden Predicts National Govt to Buy Bitcoin This Year Secretly](https://coingape.com/snowden-predicts-national-govt-to-buy-bitcoin-this-year-secretly/) [Bitcoin Staking Protocol Babylon Initiates Testnet Phase](https://coingape.com/bitcoin-staking-protocol-babylon-initiates-testnet-phase/) [Bitcoin (BTC) Price: MicroStrategy’s Unrealized Profit Hits $5.7B High](https://coingape.com/bitcoin-btc-price-microstrategys-unrealized-profit-hits-5-7b-high/) [Toncoin (TON) Price Soars 35% On Telegram Advertising Platform Launch](https://coingape.com/toncoin-ton-price-soars-35-on-telegram-advertising-platform-launch/) [Web3 Staking Hub ContributionDAO Raises $2.8 Million To Expand Into Southeast Asia](https://coingape.com/web3-staking-hub-contributiondao-raises-2-8-million-to-expand-into-southeast-asia/) [Will Market Recovery Push TRON Price Rally to $0.18 In March?](https://coingape.com/markets/will-recovery-tron-price-rally-to-018-march/) [Here’s Why Polygon Price (MATIC) Is Poised For 25% Surge Ahead](https://coingape.com/markets/heres-why-polygon-price-is-poised-for-25-surge/) [Bitcoin Price Prediction: As $750M Rushes Into ETFs, Here’s Why BTC Could Top $70,000 Pre-Halving](https://coingape.com/markets/bitcoin-price-prediction-3/) [Aptos Price Forecast: Is $20 Price Target Imminent Amid zkME Partnership Boost?](https://coingape.com/markets/aptos-price-forecast-is-20-price-target-imminent-amid-zkme-partnership-boost/) [Is Shiba Inu Price Heading to $0.000012? This Chart Pattern Hints End-of-Correction](https://coingape.com/markets/is-shiba-inu-price-to-0-000012-hints-end-correction/).
