During Bitcoin's surge past the $60,000 mark, the leading cryptocurrency platform, Coinbase, experienced significant technical difficulties. Many users reported discrepancies in their Coinbase accounts, including zero balances and difficulties in trading various crypto assets.

Before the system outage, Bitcoin had surged by 12.66%, starting around $57,074 and peaking at an impressive $64,300, before settling back to $60,000. This volatility may have been influenced by reports of Binance executives' detention in Nigeria, leading to increased traffic on Coinbase and subsequent malfunctions.

Coinbase promptly reassured users that their assets were secure and that a solution was being implemented. CEO Brian Armstrong attributed the issues to overwhelming traffic and highlighted the challenges exchanges face in maintaining stable service amid market fluctuations.

This incident underscores the operational challenges and risks inherent in the crypto market, as well as the volatility of cryptocurrencies and the technical obstacles exchanges must overcome to serve their growing user bases effectively.