Update at 10:53 AM PST on February 28th: Coinbase users are reporting that their accounts are now showing the correct balance after experiencing a bug that previously displayed a zero balance.
There seems to have been a disruption in Coinbase services due to a surge in the price of Bitcoin between 5:00 and 6:00 pm UTC on February 28th. Many users took to social media to report that their accounts suddenly showed a zero balance.
Despite the ongoing bug, Coinbase has reassured users that their funds are safe.
The price of Bitcoin (BTC) briefly surged above $64,000 before retreating to $61,400 at the time of publication.
Coinbase’s COIN stock also followed a similar pattern. As Bitcoin approached its all-time high of $69,045, COIN reached $211 per share, just below its 52-week high of $212. However, it has since dropped to $202.
Both COIN and Bitcoin reached their all-time highs on November 10, 2021, with COIN peaking at $357.
The cause of the issue is currently unknown, but some users have noted that Coinbase has experienced technical issues in the past.
Customer support avenues such as phone and virtual assistant support are currently unavailable.
Coinbase has updated its web interface to display a banner acknowledging the ongoing issue and stating that it is being investigated.
Cointelegraph has reached out to Coinbase for comment but has not yet received a response.
In related news, Bitcoin’s price has reached $64,000 as traders anticipate a new all-time high before the halving.