Coinbase glitched on Wednesday, as the crypto exchange experienced a huge spike in traffic, as Bitcoin neared a record high.
BTC/USD peaked at $62,801 earlier in today’s session, close to its all-time high of $68,789.63.
The platform hallucinated users’ account balances, showing many as zero due to its outage.
In a tweet, Coinbase CEO Brian Armstrong stated, “We are dealing with a LARGE surge of traffic – apologies for any issues you encounter. The team is working to remediate”.
Ethereum also surged over $3,400 today, with Coinbase stock trading 3.29% higher.
Google CEO Slams “Unacceptable” AI Blunder
Google’s CEO Sundar Pichai doubled down on the company’s recent AI issues, relating to its Gemini service.
Speaking to staff, Pichai stated, “I know that some of its responses have offended our users and shown bias — to be clear, that’s completely unacceptable and we got it wrong.”
The issues related to wrong images generated by the AI, which many, including Elon Musk, noted as being misleading and highlighting a deeper bias.
He added, “No AI is perfect, especially at this emerging stage of the industry’s development, but we know the bar is high for us.”
As of writing, $GOOG is down 2.06%.
Canadian pension plan sells off its investment in a New York City commercial real estate for $1
Canadian pension funds have long been renowned as major players in the global real estate market. However, the largest among them, the Canada Pension Plan Investment Board (CPPIB), is now taking measures to reduce its exposure to office buildings, which have faced significant challenges.
CPPIB has recently completed three transactions at discounted prices, divesting its interests in various properties including Vancouver towers, a business park in Southern California, and a redevelopment project in Manhattan.
“It’s the opposite of a vote of confidence for office,” said John Kim, an analyst tracking real estate companies for BMO Capital Markets. “My question is, who could be next?”
Concerns are these deals could serve as a precedent for other major investors looking to navigate similar challenges in the real estate market, potentially leading to further turmoil in the sector.
“Selling is an integral part of our investment process,” Peter Ballon, CPPIB’s global head of real estate said in an emailed statement. “We exit when the asset has maximized its value and we are able to redeploy proceeds into higher and better returns in other assets, sectors and markets, including office buildings.”
“In investing, what is comfortable is rarely profitable.”
Robert Arnott
