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Coinbase, a leading cryptocurrency exchange, encountered technical difficulties on Wednesday as Bitcoin reached its highest value in over two years.

In response to these issues, Coinbase Support took to X, previously known as Twitter, to reassure users about the safety of their assets. The message stated, “We are aware that some users may see a zero balance across their Coinbase accounts & may experience errors in buying or selling. Our team is investigating this & will provide an update shortly. Your assets are safe.”

This technical hiccup occurred as Bitcoin’s price soared past $60,000, a milestone not seen since November 2021, and approached a record high. The cryptocurrency’s remarkable recovery, doubling in value in just four months, coincided with the SEC’s approval of the first US spot exchange-traded funds for Bitcoin in January.

As the exchange worked to resolve these issues, it temporarily disabled buy, sell, trade, and transfer functions on both its website and mobile application. Coinbase’s co-founder and CEO, Brian Armstrong, addressed the situation, attributing the technical problems to an overwhelming surge in traffic. Armstrong apologized for any inconvenience caused, emphasizing the team’s efforts to rectify the situation promptly.