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Home > News
Published: 05/03/2024
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Author: Leexim
Fear Grips Coinbase Community as Bitcoin Approaches ATH
Coinbase faces second outage as Bitcoin nears $69,000 high, impacting a 'small subset' with zero balances - attributed to a display issue.
Azcnews (3)
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As Bitcoin approached its record-breaking valuation, nearing the $69,000 mark, certain Coinbase users encountered disconcerting display anomalies, witnessing their account balances erroneously plummeting to zero.
Coinbase Wrestles with Recurring Outages and Glitches
This glitch, primarily manifested as a display error, impacted a “small subset of users,” as confirmed by a spokesperson from Coinbase. Despite the apprehension it triggered, the exchange assured users that the assets of those affected remained secure. The spokesperson clarified that Monday’s issue was confined to display discrepancies, emphasizing the prompt measures taken to rectify the situation.
“We implemented a solution that addressed the display glitch affecting customer account balances and latency across Coinbase.com.” The persistent outages have prompted the New York State Department of Financial Services (NYDFS) to establish, “Ongoing communication with regulated entities, including Coinbase.”
Screenshot showing zero balance and site degradation warning on Coinbase exchange
Screenshot showing zero balance and site degradation warning on Coinbase exchange
The NYDFS aims to grasp the implications of these interruptions on consumer risk and institutional integrity. This heightened scrutiny coincides with the cryptocurrency market’s renowned volatility, underscoring the paramount importance of operational reliability for exchanges such as Coinbase in sustaining consumer confidence. In the aftermath of the recent outage, disgruntled users flooded the Coinbase subreddit to articulate their frustrations.
Cryptocurrency Exchange Traffic: A Dual-Edged Sword
These operational hitches are by no means exclusive to Coinbase. The cryptocurrency exchange sector routinely grapples with challenges during significant market shifts driven by a surge in trading activity.
Coinbase, just last week, witnessed a traffic surge exceeding its usual volume by more than tenfold, illustrating the immense pressure these platforms endure amid rapid market fluctuations.
Screenshot From Coinbase Subreddit Forum Top Posts In Past 24 Hours
Screenshot From Coinbase Subreddit Forum Top Posts In Past 24 Hours
In an effort to assuage customer concerns, Coinbase CEO Brian Armstrong commented, “We are managing a substantial surge in traffic – apologies for any challenges you may encounter. The team is actively working to remedy the situation.”
Related: Bitcoin Surges to $68,000 as MicroStrategy Plans Additional Purchase
Acknowledging the tumultuous nature of cryptocurrency markets, other exchanges have taken strategic steps to fortify their infrastructure. Following multiple outages in 2021, Crypto.com CEO Kris Marszalek remarked, “We spent two years meticulously addressing and enhancing our systems.”
This sentiment encapsulates the current landscape of the crypto market, still perceived by many as a frontier in financial technology navigating through its inevitable growth pains.
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Home > News
Published: 05/03/2024
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Author: Leexim
Elon Musk Endorses Investment in AI Crypto
Elon Musk has expressed his support for investing in cryptocurrency companies within the AI sector.
Azcnews (5)
On Monday, Elon Musk, the CEO of Tesla and SpaceX, acknowledged the recent predictions made by venture capitalists who had previously shown optimism towards cryptocurrency and artificial intelligence. The insight came from a post by a user named Daniel on the X platform (formerly Twitter), sharing a meme that humorously depicted the shifting preferences of venture capitalists. The meme humorously stated, “I support the current thing.”
In response to the meme, Elon Musk affirmed the accuracy of this latest prediction, acknowledging that, in this case, “they’re right.” This acknowledgment aligns with Musk’s previous discussions on investor philosophy during a Spaces conversation with Cathie Wood, the CEO of ARK Investment Management, where he emphasized the value of having more allies in business, considering each investor as an ally.
Elon Musk’s extensive portfolio includes companies such as The Boring Co., Neuralink Corp., X (formerly Twitter), and xAI Corp. Notably, Musk emphasized his successful track record, boasting that he has never incurred losses for any investor in over 100 financing rounds across all his companies throughout the years.
In August 2023, it was reported that Neuralink, a company backed by Musk, secured a substantial $280 million in funding from Peter Thiel’s Founders Fund. This venture capital firm, linked to Musk through various investments, also supports other private companies, including SpaceX and The Boring Company.
Related: Elon Musk Revealed That He Still Holds Dogecoin
While Elon Musk orchestrated a high-profile buyout of Twitter with a consortium of 19 investors, including Andreessen-Horowitz VC fund, Larry Ellison (Oracle founder), Sequoia Capital, and Ron Baron, the investment took a downturn a year later. Investors experienced a significant depreciation in their stakes, amounting to approximately $4.6 billion, highlighting the volatile nature of such endeavors.
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