Cryptocurrency exchange Coinbase experienced technical difficulties today as bitcoin, the world’s largest cryptocurrency, soared to its highest price in over two years. The platform assured users that their funds are safe and that the team is investigating the issue. However, buy, sell, trade, and transfer abilities remain unavailable on the Coinbase website and mobile app while the problem is resolved.
Bitcoin’s Remarkable Turnaround
Bitcoin’s price surged past $60,000, a level not seen since November 2021 when it hit an all-time high of nearly $67,000. The digital asset has more than doubled in value in the past four months alone. This rally coincided with the Securities and Exchange Commission (SEC) approving the first-ever U.S. spot exchange-traded funds in January, opening the door to significant investment from major financial institutions.
Coinbase’s Role in Crypto Policy
Coinbase, a major player in Washington’s crypto policy landscape, has been actively lobbying Congress, the Treasury Department, and the SEC. In 2023, the company spent $2.9 million on lobbying efforts related to issues such as the Financial Innovation and Technology for the 21st Century Act, the Digital Asset Anti-Money Laundering Act of 2023, and stablecoins. The platform’s co-founder and CEO, Brian Armstrong, apologized for the disruption caused by the surge in traffic.
As bitcoin continues its upward trajectory, Coinbase’s technical challenges highlight the growing importance of crypto exchanges and their impact on the broader financial landscape.
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