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Coinbase Crashes Following Bitcoin Pump, CEO Cites ‘Large Surge Of Traffic”

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Coinbase, one of the leading Bitcoin and cryptocurrency exchanges, experienced a significant outage today as Bitcoin’s price soared, leaving many users accounts malfunctioning. The disruption occurred amid a sharp increase in trading activity following Bitcoin’s surge in price, which briefly surpassed $64,000.

JUST IN: Coinbase has reportedly crashed.

— Bitcoin Magazine (@BitcoinMagazine) February 28, 2024

Coinbase CEO Brian Armstrong attributed the outage to a “large surge of traffic” overwhelming the exchange’s infrastructure. The sudden influx of users attempting to buy, sell, or trade Bitcoin overwhelmed Coinbase’s servers, leading to connectivity issues for many customers.

“We are aware that some users may see a zero balance across their Coinbase accounts & may experience errors in buying or selling,” Coinbase stated. “Our team is investigating this & will provide an update shortly. Your assets are safe.”

We are dealing with a LARGE surge of traffic – apologies for any issues you encounter. The team is working to remediate.

— Brian Armstrong 🛡️ (@brian_armstrong) February 28, 2024

Following the outage, Bitcoin sharply declined in price from ~$64,000 to ~$59,500, wiping out most of the gains Bitcoin had made today. Coinbase has experienced similar outages in the past during periods of intense market volatility, prompting criticism from users and industry observers.

Despite the temporary disruption, Bitcoin’s price appears to have remained resilient, as it is now back above $60,700 at the time of writing, continuing its upward trajectory amid growing institutional adoption and investor interest.

As Coinbase works to restore normal operations, the incident serves as a reminder of the challenges associated with managing large-scale Bitcoin exchanges and the importance of robust infrastructure to ensure uninterrupted service for users.

​ CEO Brian Armstrong said the team is working to remediate the situation. 

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Forbes Predicts 1700% Shiba Inu Coin Price Rally, Could Shiba Shootout Also Explode? – Branded Spotlight Bitcoin News

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Shiba Inu has once again captured the spotlight with the token seeing a significant price rise with the recent market uptick. According to a recent Forbes

​ Shiba Inu has once again captured the spotlight with the token seeing a significant price rise with the recent market uptick. According to a recent Forbes 

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Mt Gox Funds Arrive at Kraken: Bitcoin and Bitcoin Cash Distributions Expected Soon

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According to a recent update from Kraken, the centralized cryptocurrency exchange has received funds from the Mt Gox trustee.

​ According to a recent update from Kraken, the centralized cryptocurrency exchange has received funds from the Mt Gox trustee. 

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Bitso to Bring Bitcoin Lightning to its 8 Million Users via Lightspark

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Leading Latin American crypto exchange Bitso has partnered with Lightspark to integrate the Bitcoin Lightning Network onto its platform. This will introduce faster, cheaper Bitcoin transactions to Bitso’s user base of over 8 million retail clients and 1,700 institutional customers.

Bitso will leverage Lightspark’s infrastructure to enable Lightning transfers. Lightspark will host the nodes while Bitso retains control of the private keys in a remote signing setup.

The integration comes as Lightning Network adoption spreads globally, making payments with Bitcoin faster, smoother and less expensive.

According to Bitso’s research, 53% of crypto wallets in Latin America hold Bitcoin. Trading pairs against local fiat currencies are also widely used. Thus, Lightning is a natural fit to upgrade Bitso’s existing infrastructure.

Daniel Vogel, co-founder and CEO of Bitso, said, “We’re thrilled to partner with Lightspark to bring Lightning to our platform. This advances our mission of making crypto useful by delivering faster, more cost-effective, and transparent money transfers.”

With Lightning, Bitso can offer near-instant Bitcoin transactions at a fraction of the cost of regular on-chain Bitcoin payments. This unlocks new potential payment and remittance solutions for both retail and enterprise clients.

Lightspark CEO David Marcus said Bitso “shares our vision of building open payments for the Internet. This gets us closer to that goal. We know people across Latin America want this solution.”

As a pioneering Latin American exchange with millions of users, Bitso’s integration of Lightning is a milestone in increasing Bitcoin adoption. 

​ Leading Latin American crypto exchange Bitso has partnered with Lightspark to bring faster, cheaper Bitcoin Lightning transactions to Bitso’s 8 million users. 

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