Coinbase, the leading U.S. cryptocurrency exchange, is facing technical issues for the second time in less than a week, amid a surge in crypto trading volumes.

Some users reported seeing their account balances displayed as $0, prompting concerns over the reliability of the platform during periods of high demand. Coinbase has acknowledged the problem, noting that some users may experience increased latency and intermittent zero balances on their accounts. However, the exchange assured its customers that their funds are secure and that trading activities remain unaffected at this time.

This issue arises as Bitcoin’s price approaches new all-time highs, with heavy trading volumes contributing to the platform’s operational challenges. As of 2:00 p.m ET on Monday, Bitcoin was trading at $66,617, signaling a significant uptick in market activity.

Coinbase CEO Brian Armstrong addressed the previous instance of technical difficulties, attributing the problem to an unexpected surge in traffic that exceeded the platform’s capacity, despite preparations for a tenfold increase in traffic. Armstrong emphasized the ongoing efforts to enhance auto-scaling solutions and eliminate bottlenecks to prevent future service disruptions.

In response to the latest issues, Coinbase quickly updated users on their progress in resolving the latency and transfer completion problems, reiterating the safety of customer funds.

Coinbase’s role extends beyond serving retail and casual crypto traders; it also acts as the institutional custodian for several spot bitcoin ETFs, including those offered by BlackRock. This dual role underscores the platform’s significance in the cryptocurrency ecosystem and highlights the importance of maintaining operational integrity, especially during periods of intense market activity. The recent technical glitches serve as a reminder of the challenges faced by digital asset exchanges in scaling their services to meet rapidly fluctuating demand.