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Coinbase Crashes out as Bitcoin Surges to $63k

On February 28th, 2024, cryptocurrency exchange Coinbase experienced technical difficulties coinciding with a significant rise in Bitcoin’s price. The price surge, which briefly saw Bitcoin touch $63,000 for the first time since November 2021, triggered a surge in user activity on Coinbase, leading to an outage that impacted many customers. In our previous post, we mentioned that Binance, Coinbase,Kraken Websites Banned in Nigeria; today we will be looking into the reasons for the recent crash that happened with one of the mentioned popular crypto platforms,Coinbase.


Technical Issues Disrupt Platform:

Users reported a range of issues, including:

  • Website and app outages: Many users were unable to access the Coinbase website or mobile app, encountering error messages or experiencing prolonged loading times.
  • Inaccurate account balances: Some users reported seeing incorrect account balances, causing confusion and concern.
  • Transaction delays: Transactions involving Ethereum and ERC-20 tokens, which run on the Ethereum blockchain, faced significant delays.

Surge in Traffic Overwhelms Infrastructure:

Coinbase CEO Brian Armstrong, in a tweet, 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 overloaded Coinbase’s servers, resulting in connectivity issues for a substantial number of customers.

Data and Statistics:

  • User Growth: According to a report by Sensor Tower:, Coinbase has seen a steady increase in user downloads throughout t he year, with over 7 million downloads in Q4 of 2023 alone. This growth trend can be partially attributed to the rising popularity of cryptocurrencies and increased adoption by institutional investors.
  • Market Activity: Data from CoinMarketCap: shows that daily trading volume on Coinbase surpassed $20 billion on February 28th, a significant increase compared to the daily average of around $10 billion in the preceding weeks. This surge in activity aligns with the rise in Bitcoin’s price, indicating a potential correlation between user interest and market fluctuations.

Incident Sparks Speculation:

The outage triggered various speculations on social media, with some users attributing it to a potential hack or a surge in dormant users returning to the platform. However, Coinbase quickly addressed these concerns through official channels and social media, clarifying the technical nature of the issue.


Coinbase Works to Restore Functionality:

The exchange quickly acknowledged the outage through a tweet stating, “We are aware of connectivity issues and are actively investigating. We apologize for any inconvenience this may cause.” They assured users they were working towards resolving the issue as quickly as possible. As of press time, Coinbase appears to be working towards restoring full functionality to its platform.

Market Impact:

The incident serves as a stark reminder of the potential challenges faced by cryptocurrency exchanges during periods of high market activity. While the outage appears to be a technical issue, it highlights the need for robust infrastructure that can handle increased user demand and ensure seamless user experience.


Comparison to Competitors:

While Coinbase experienced technical difficulties, other major cryptocurrency exchanges like Binance and FTX reportedly functioned without significant disruptions. This incident might lead users to re-evaluate their exchange platform choices based on factors like reliability and scalability.

Looking Forward:

Coinbase’s swift response and ongoing efforts to resolve the issue are crucial in mitigating the impact on users and maintaining trust within the crypto community. As the cryptocurrency market continues to evolve and mature, ensuring scalability and resilience will be critical for exchanges like Coinbase to navigate periods of heightened activity and maintain a competitive edge.

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TAGiAfrica™ is a Web3 Magazine that is documenting the African journey in the crypto and blockchain industry for over a decade. We are the Pan-African magazine that covers business, technology, Blockchain, Crypto and Innovation.We are the essential resource for anyone who wants to stay up-to-date on the latest trends in Africa. The magazine is also a valuable resource for businesses that are looking to expand into Africa and committed to promoting African entrepreneurship and innovation.

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