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Coinbase Stuck In Traffic

Coinbase (COIN) pared gains to less than 1% after reporting technical issues due to a traffic surge. COIN stock advanced another 6.4% early Wednesday prior to the announcement.

"We are aware that some users may see a zero balance across their Coinbase accounts and may experience errors in buying or selling," Coinbase Support announced around 12:50 p.m. ET. "Our team is investigating this and will provide an update shortly. Your assets are safe."

The problem appeared to mainly impact retail accounts with various users on social media reporting issues accessing accounts or the Coinbase app.

"We are dealing with a LARGE surge of traffic - apologies for any issues you encounter," CEO Brian Armstrong posted on X, the social media site formerly known as Twitter. "The team is working to remediate."

Shares of the crypto exchange on Monday broke out above a buy point.

You can follow Harrison Miller for more stock news and updates on X/Twitter @IBD_Harrison

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