Coinbase Crashes as Bitcoin Hits $64K Milestone, Sparking Brief User Panic
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Coinbase crashed due to a surge in traffic as Bitcoin hit $64,000, temporarily showing user balances as $0. This caused panic but funds were safe.
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The outage overwhelmed Coinbase's infrastructure. CEO Brian Armstrong attributed it to a "large surge in traffic" as users flocked to buy/sell Bitcoin.
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Bitcoin had briefly hit $64,000 for the first time since Nov 2021 before sharply dropping back down over $4,000.
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Coinbase is the largest US cryptocurrency exchange platform with access to Bitcoin, Ethereum and other major cryptocurrencies.
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The crash came just after the SEC approved the first US exchange traded funds to track Bitcoin, seen as a milestone for crypto's mainstream acceptance.