Coinbase Fixes Issue Affecting Assets Purchase and Sale

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Coinbase has resolved a technical issue that was preventing its users from viewing their account balance.

The problem reportedly occurred due to a large increase in users, causing disruptions to buying and selling assets.

After 12 hours, the issue was finally fixed, and the CEO has acknowledged the need for better auto-scaling solutions. He said:

“Apps are now recovering. We had modeled a ~10x surge in traffic and load tested it. This exceeded that number. It’s expensive to keep services over-provisioned, but we’ll need to keep working on auto-scaling solutions, and killing any remaining bottlenecks. Thank you for bearing with us.”

The outage came at a time when Bitcoin’s price was skyrocketing, resulting in a significant number of liquidations and closures of positions worth $800 million within 24 hours.