This is why Coinbase is broken today.

In a shocking move today, cryptocurrency exchange Coinbase experienced a massive outage.

Just as the price of Bitcoin soared past $60,000, it left countless users confused.

Coinbase has experienced a network outage.

Starting the day at $57,074, Bitcoin is up an impressive 12.66 percent. It reached an intraday high of $64,300 before a 6.26% correction to $60,000. The price increase was triggered by the news that Binance executives were arrested in Nigeria.

Given the increase in Bitcoin price volatility, Coinbase has been overwhelmed with traffic. Many users have reported seeing zero balance in their Coinbase account and experiencing errors when trying to buy or sell cryptocurrencies.

The Coinbase team immediately addressed the concerns, assuring users of the security of their assets and promising a swift resolution.

“We are aware that some users may see zero balance in their Coinbase account and experience errors when buying or selling. Our team is investigating this and we will provide an update soon. Your assets are safe,” the Coinbase team said in a recent communication.

Read more: Coinbase Review 2024: Best Crypto Exchange for Beginners?

Meanwhile, Coinbase's CEO, Brian Armstrong, attributed the platform's issues to the high traffic generated by Bitcoin's impressive performance.

“We're experiencing a major traffic jam – we apologize for any inconvenience you're experiencing. The team is working to fix it,” Armstrong commented.

His statement reflects the challenges cryptocurrency exchanges face in maintaining service stability amid unpredictable market movements. This incident also highlights the inherent risks and operational challenges of the cryptocurrency market. Indeed, today's events are a testament to the dynamic nature of cryptocurrencies and how the technical barriers of the exchange have been overcome to cater to the growing user base.