On Wednesday, Coinbase had a glitch that showed a zero balance for many users.

Coinbase issued a statement that they were aware of the issue and that some users may see a zero balance.” The issues spread to buying and selling as well on Coinbase, causing the platform to see a serious drop off in transactions.

The glitch also caused Bitcoin’s price to fall, and it plummeted by $2,800 in just a few minutes. The price recovered about halfway since then. The price may stay down even after Coinbase is back on its feet.

Bitcoin spiked yesterday and has been climbing to a level nearing its all-time high. If the Coinbase outage lasts for a while, that could seriously hurt Bitcoin’s prospects of reaching that level again.

Since Coinbase is one of the largest cryptocurrency exchange platforms, the outage could have a damaging effect on the entire market, hurting what has otherwise been a bullish week. Still, several coins are surging higher than they have in a long time, including Dogecoin, Toncoin, and Stacks.

Coinbase Reassures Users

A message from Coinbase told users that even though the platform was having issues, no assets would be harmed. They assured users that all assets were perfectly safe and that an update would be announced shortly.

There is a status page for users to check the site and whether it is still experiencing issues: https://status.coinbase.com/incidents/qlpwww1zsm2y

The message “Site Degraded Performance” showed up in the inboxes on some users’ accounts. This error message simply means that the site is malfunctioning and the investigative team is searching into the matter.

This could not have come at a worse time for many users as they attempt to buy and sell through Coinbase and take advantage of the bull market. With the site malfunctioning like it is, many of them will not even be able to transfer their coins off of Coinbase to another platform that is functioning.