Coinbase has experienced two zero balance errors in the past five days

On March 4, as Bitcoin rose again to new yearly highs, some Coinbase users were unable to view their account balances for approximately three hours.

Cryptocurrency exchange Coinbase experienced another problem on March 4, causing some users to see their account balances drop to zero.

At 5:36 a.m. UTC, the company issued a statement saying: "Some users may occasionally find that their Coinbase account balance is zero and there is a delay on the web page. Our team is investigating this issue and will An update will be provided soon. For now, trading will not be affected and your assets are safe."

Coinbase implemented a fix approximately three hours after the issue was discovered at approximately 6:21 PM UTC. The exchange continued to monitor the issue over the next few hours and announced at 8:29 PM UTC that the issue had been fully resolved.

Just five days ago, on February 28, the company encountered almost the same problem again. Users found that their account balances were zero and unable to conduct any asset transactions. It took about seven hours for the company to resolve the issue and confirm there was a problem.

The network outage may be caused by a surge in traffic

While Coinbase has yet to determine the cause of the latest incident, it said increased traffic was a factor in the February 28 incident.

The company wrote:

"Due to the continued increase in traffic, some customers may still see exceptions to their collections and certain payment methods."

While both incidents have been resolved, data shows demand continues to grow. The exchange’s trading volume reached $7.5 billion in 24 hours, with a daily growth rate of 120%. This high-volume transaction is likely related to the positive performance of Bitcoin price.

As of 10:20 PM UTC on March 4, Bitcoin (BTC) was worth $67,481, just $1,563 below its all-time high set in November 2021. Bitcoin is up 7.1% in the past 24 hours and 23.6% over the past week.

While speculation as to the root cause of this speculation ranges from positive to malicious, the issue is likely a side effect of a sudden surge in traffic during the recent market rally.

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