Cryptocurrency Exchanges Hit by Service Outages as Bitcoin Surges to $64,000

    Explore the disruptions faced by Coinbase, Robinhood, and Kraken as Bitcoin's value skyrocketed to $64,000. Users report zero balances and technical issues during the surge, highlighting challenges in the volatile cryptocurrency landscape

    • Bitcoin’s value reaches near $64,000, triggering disruptions on Coinbase and Robinhood.
    • Coinbase reports “degraded performance,” users alarmed by apparent zero balances.
    • Kraken faces web and mobile connectivity issues as Bitcoin experiences volatility.
    • Challenges in crypto transactions reported by Robinhood users during the surge.

    Unprecedented Demand and Exchange Woes:

    Bitcoin’s surge to nearly $64,000 on Bitstamp on Feb. 28, 2024, brought unexpected challenges for major cryptocurrency exchanges. Coinbase, a prominent platform, faced service disruptions, revealing “degraded performance” on its status page. Users reported alarming zero balances on their accounts, prompting an immediate investigation by the Coinbase team. Despite the concerns, the platform assured users that their assets were secure, emphasizing ongoing efforts to resolve the issue swiftly.

    Kraken and Robinhood Join the Fray:

    Kraken, a San Francisco-based exchange, also encountered technical hurdles, particularly with web and mobile connections. Their status update acknowledged the issue and assured users that a fix was in progress. Simultaneously, Robinhood’s clientele expressed frustrations, reaching out to the ‘Ask Robinhood’ support account with difficulties in finalizing crypto transactions. One user highlighted the inability to generate a Bitcoin address, further underscoring the challenges faced by users during periods of heightened market activity.

    latest news

    Read More