Coinbase Resolves Platform Glitch Amidst Bitcoin Rally

Coinbase, a leading Bitcoin exchange, has successfully resolved a technical glitch that caused disruptions and balance inconsistencies on its platform. Users had reported delays in deposits, withdrawals, and trading activities, with some encountering difficulties accessing their accounts or finding their balances reset.

Acknowledging the widespread complaints from users on March 2, Coinbase assured its customers that they were working diligently to rectify the issue and that user funds remained secure. This incident follows a similar disruption at the end of February, where users experienced 'zero balances' on their accounts. Brian Armstrong, the CEO of Coinbase, attributed this to a significant influx of new users.

Following the resolution of the glitch, Armstrong revealed that their team had conducted extensive testing, simulating a tenfold increase in platform traffic. Despite the recent technical challenges, Coinbase reported a slight decrease in platform traffic according to Similarweb, with approximately 2.1 million daily visits.

The recent platform disruption coincided with a rapid surge in Bitcoin's price, reaching $64,000. In early March, the digital currency continued its rally, testing the $68,000 mark. Despite these challenges, Coinbase reported a net profit of $273 million for the fourth quarter of 2023, totaling $95 million for the year.