The digital asset jumped as high as $63,900, hitting its highest intraday point since November 2021, before declining to the $60,000 level

Bitcoin (BTC-USD) soared on Wednesday to break above $60,000, putting it within striking distance of its all-time peak as enthusiasm for the world’s biggest crypto currency reached a frenzy last seen during a 2021 boom.

The digital asset jumped as high as $63,900, hitting its highest intraday point since November 2021, before declining to the $60,000 level amid reports that some users of the crypto currency exchange Coinbase began showing a $0 balance in their accounts.

Coinbase first said on its website that “we are aware that some users may see a zero balance across their Coinbase accounts and may experience errors in buying or selling” but that “your assets are safe.”

A second update said “we are beginning to see improvement in customer trading. Due to increased traffic, some customers may still see errors in login, sends, receives and with some payment methods.” A third update stated “we are starting to see Coinbase.com activity normalizing.”

Its Chief Executive Officer Brian Armstrong also tried to calm customers Wednesday. In a post on X, formerly known as Twitter, he first stated that “we are dealing with a LARGE surge of traffic — apologies for any issues you encounter. The team is working to remediate.”

Later in the day he stated “apps are now recovering” and wrote that the surge in traffic had exceeded what the company had “load tested.”

Before prices retreated amid the Coinbase glitch, the rally had been pushing closer to bitcoin’s all-time high of $68,789. That peak came in November 2021, six months prior to a spectacular crash in 2022.

Bitcoin is riding a wave of excitement triggered by a series of spot bitcoin ETFs that started trading in January.