The glitch coincided with a significant drop in the price of Bitcoin, which decreased by about $2,800 in just a few minutes. The outage affected users' ability to buy or sell assets on the platform.

Coinbase, a major cryptocurrency exchange, acknowledged the problem, stating, "We are aware that some users may see a zero balance across their Coinbase accounts and may experience errors in buying or selling." The company assured users that their assets were safe and that the issue was being investigated.

As the glitch occurred, Bitcoin, which had recently surged to its highest level since November 2021, experienced a sudden dip of over 4%. The market cap of Bitcoin reached nearly $1.2 trillion as it briefly surpassed $60,000 on Wednesday.

Coinbase advised users to monitor the status of the system outage on its designated status page. One user shared a screenshot with CNBC showing a balance of $0.00 in their account and received a notification of "Site Degraded Performance" as Coinbase investigated the matter.

The incident highlights the vulnerabilities within cryptocurrency exchanges and the potential impact technical glitches can have on both user accounts and the broader crypto market.