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Coinbase Probes Technical Glitch Leading to Empty Balances for Wallet Users – Here’s the Latest

Coinbase has addressed a technical hiccup that displayed zero balances in certain wallets and prevented users from establishing new wallets or importing their current ones.

In a recent update on its official status page, Coinbase confirmed the rectification of the wallet-related issue.

Previously, Coinbase stated on its site, “Users of the Coinbase Wallet might encounter an error when trying to set up new wallets or migrate existing ones.” The platform further noted, “Some users might see an incorrect display indicating a balance of 0 for certain assets.”

This problem initially surfaced on X (previously known as Twitter), as some patrons voiced concerns about their wallet balances not being visible.

When approached for clarification, a Coinbase representative directed us to the firm’s most recent statements on Twitter, which asserted the problem’s resolution.

The tweet stated, “We’ve addressed the errors concerning new and existing wallets that users faced earlier today. Balances are now reflecting accurately. We regret the inconvenience caused.”

Yet, contrary to the company’s affirmation, several users on X have pointed out that the issue persists.

Coinbase Wallet functions as a self-custody cryptocurrency wallet, granting users authority over their cryptocurrencies, keys, and data.

The wallet provides compatibility with a wide spectrum of diverse cryptocurrencies, numerous prominent networks, and even non-fungible tokens (NFTs).

Contributing to the burgeoning trend of Web3 usernames, Coinbase Wallet participated by offering complimentary cb.id usernames to all users in September. This initiative drove a notable spike in registrations toward the end of the year.

In more recent developments, the wallet introduced an instant messaging capability that permits users to engage in communication using blockchain addresses.

Coinbase Reports Drop in Trading Volume Amid Regulatory Pressure

Recently, Coinbase unveiled its earnings report for the second quarter, indicating a substantial dip in transaction volume for both individual and institutional clients by 70% and 54% respectively, in comparison to the same timeframe the previous year.

The exchange identified multiple reasons for this slump, a significant one being the reduced total market capitalization of cryptocurrencies.

This decline coincides with heightened regulatory scrutiny faced by Coinbase and other leading cryptocurrency exchanges. In June, both Coinbase and Binance, the globe’s premier cryptocurrency exchange, found themselves at the receiving end of a lawsuit by the SEC. The regulatory body accused them of illicitly presenting unregistered securities to their clientele.

Notably, even amidst the regulatory challenges, Coinbase’s stock has been on a tear this year, soaring by 156%. This impressive growth has been fueled by renewed interest from retail investors and a broad resurgence in the tech sector.

Moreover, since the announcement of the SEC lawsuit, the company’s share price has surged over 50%.

Conversely, Coinbase’s international derivatives trading platform has witnessed a remarkable uptick in trading volumes, coming close to a daily $300 million.

As per reports, Coinbase International, which deals in perpetual futures contracts, has consistently recorded daily trading volumes exceeding $100 million since August 14.

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What we write about

I want to save money. Will cryptocurrency work?

Cryptocurrency is essentially virtual money that operates in a decentralized manner, not through a bank but directly on multiple independent computers.

Every cryptocurrency has two main components: the units of digital exchange called “coins” and the network within which the exchange takes place. These units can be transferred between wallets and exchanged on exchanges. The networks in which these coins exist are called blockchains, which translates to “chains of blocks.”

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