Coinbase says outage affecting trading accounts beginning to improve

Coinbase Global said on Wednesday (Feb 28) it was beginning to see improvement in customer trading after an issue caused some users to see zero balance across their accounts and may have led to errors in buying or selling.

"We're beginning to see improvement in customer trading. Due to increased traffic, some customers may still see login errors, sends, receives and with some payment methods," the crypto exchange added in a post on social media platform X, adding that all customer funds were safe.

The outage comes after Bitcoin hit US$60,000 on Wednesday for the first time in more than two years, as a flurry of capital into new US spot bitcoin exchange-traded products fuelled a price rally in February.

Traders have poured into Bitcoin ahead of April's halving event - a process designed to slow the release of the cryptocurrency.

Coinbase CEO Brian Armstrong said in a separate post on X that the crypto exchange was dealing with a large surge in traffic.

At their peak earlier in the afternoon, user reports of issues had crossed over 9,000, according to Downdetector.com.