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The crypto market is overheated, Coinbase crashed twice in a week, and its app store ranking soared.

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The crypto market is overheated, Coinbase crashed twice in a week, and its app store ranking soared.

Bitcoin surged past $60,000 on February 28, breaking its previous all-time high in less than a week. The market frenzy led to Coinbase experiencing two outages in the past seven days, and Binance also had a brief period where withdrawals were unavailable.

Coinbase Experiences Outages Twice a Week

The highly active cryptocurrency market seems to have overwhelmed exchanges, with a few Coinbase users recently reporting zero balances in their accounts.

Coinbase responded to this on Twitter:

We are aware that some users may be experiencing delays on Coinbase.com, with intermittent displays of zero account balances. Rest assured, your funds are safe.

Coinbase had previously encountered issues with account balances showing zero at the end of February.

CEO Brian Armstrong stated that the platform was dealing with a high volume of traffic and apologized for any issues users were facing, mentioning that the team was working diligently to resolve them.

Coinbase App Soars in Rankings

Data from Sensor Tower shows that Coinbase has climbed in the daily category rankings on Google Play, moving from 60th place on February 6 to 17th place.

On the Apple Store, it rose from 183rd to 53rd place.

Armstrong sells shares to fund scientific research, Coinbase stock price hitting $200 finally pays off!

Binance Quickly Resolves Withdrawal Issues

Aside from Coinbase, Binance also faced cryptocurrency withdrawal issues on the 5th, but the Binance team swiftly resolved the problem within minutes.