Key Points:
Read more: Coinbase Review: Top Trading Platform With Many Supported Features
The Coinbase crash coincided with a sharp uptick in trading activity, with Bitcoin briefly surpassing $64,000. The surge in demand for Bitcoin, driven by the recent introduction of US spot Bitcoin ETFs, led to a 40% price rally this month, reminiscent of the cryptocurrency’s peak in 2021.
Coinbase’s history of outages during traffic surges prompted humor on crypto community, with users joking about the exchange’s technical difficulties as a bullish market indicator.
Confirming the Coinbase crash, the exchange assured users that their assets were secure and promised updates on the situation. CEO Brian Armstrong attributed the outage to an overwhelming surge in traffic that strained the exchange’s infrastructure, resulting in connectivity issues for many customers.
Following the outage, Bitcoin’s price dropped sharply from $64,000 to $59,600, erasing most of the day’s gains. Coinbase has faced similar outages during periods of market volatility in the past, drawing criticism from users and industry observers.
Some suggested that the Coinbase crash could signal a resurgence of retail interest in the market, reminiscent of the exchange’s outages during the 2017 bull run, while others raised concerns about potential hacking incidents.
At the time of reporting, Bitcoin’s price had recovered slightly to $61,250, indicating ongoing resilience in the market amidst the technical challenges faced by exchanges like Coinbase.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing. |
Grayscale spot Ethereum ETF is focusing resources; the company drops Ether futures ETF application amid…
Former President Donald Trump announces support for cryptocurrency, stating he will accept crypto donations for…
Consensus 2024 stands as the unrivaled pinnacle of the cryptocurrency, blockchain, and Web3 communities, solidifying…
Robinhood disclosed that it held a staggering $26 billion worth of cryptocurrencies under custody in…
The Cedar Innovation Foundation has filed a FOIA request for SEC communications regarding the DEBT…
Biden administration to veto crypto custody legislation over stability and investor protection concerns.
This website uses cookies.