Bitcoin Ascent To $64,000 Causes Coinbase To Crash – Here’s What Happened
February 29 2024 - 3:00AM
NEWSBTC
Not long after the value of Bitcoin surpassed $62,000, its highest
level since 2021, Coinbase had severe disruptions and issues on
Wednesday afternoon, preventing some customers from signing in at
all and causing some user accounts to reflect a $0 balance. Crypto
aficionados were furious on social media because they are unable to
access their money on the biggest cryptocurrency exchange in the
United States. Furthermore frustrating, some customers have
reported errors when buying and selling. Related Reading:
Bitcoin Poised To Reclaim $64K, Now Back Halfway To $63,000 – New
ATH Coming For March? The continuous demand for Bitcoin is seen as
main the reason behind the sudden crash of the Coinbase
app. The leading cryptocurrency had a 40% price increase this month
as a result of US bitcoin spot ETFs. This was the biggest monthly
gain the digital asset had seen since December 2020, according to
reports. Bitcoin Price Action Today With a ferocious start to
March, Bitcoin’s unprecedented activity has positioned it for its
biggest monthly gain in over three years on Thursday. Bitcoin is
currently very close to reaching a new high due to the money
flooding into listed bitcoin funds, which is driving a significant
increase. Bitcoin nearing the $63k level today. Source: Coingecko
The world’s leading cryptocurrency briefly touched $64,000 (the
first rise above $60,000 since November 2021), before partially
reversing the gains. According to Coingecko data, BTC was trading
at $62,765. It was up 10% and 22% on a daily and weekly basis,
respectively. Related Reading: Bitcoin Fast Approaching $60,000 As
BTC F&G Index Hits ‘Extreme Greed’ – Details After plunging 64%
in 2022, the value of bitcoin has more than tripled since the start
of the year. That represents a remarkable comeback from a slew of
scandals and bankruptcies that had raised concerns about the
long-term viability of cryptocurrencies. Bitcoin market cap
currently at $1.2 trillion. Chart: TradingView.com Are Coinbase
Funds Safe? Meanwhile, customers can now log back into the
exchange, according to a statement from Coinbase, although users
are still reporting issues with “certain payment methods” and
issues with sending and receiving money. I had $3.6 Million on
Coinbase and now it’s shows $0 lol WTF IS HAPPENING ?
pic.twitter.com/BaV4pWjFo6 — Ash Crypto (@Ashcryptoreal) February
28, 2024 While acknowledging that “some users may see a zero
balance” on all of their Coinbase accounts and may run into
problems while purchasing or selling, Coinbase reassured customers
that their money was secure. Additionally, the exchange made it
clear that there have been significant delays in money transfers
via the Ethereum ERC-20 network. Coinbase, Binance, and Kucoin all
down!! WTF is going on!! — Kyle Chassé (@kyle_chasse) February 28,
2024 There are rumors of similar crashes on other significant
exchanges, such as KuCoin and Binance. But there is still no proof
to support these allegations. The situation comes at a difficult
moment for Coinbase, as more inexperienced investors are returning
to the market for cryptocurrency trading and discovering they
appear to have no assets. Disappointed in Coinbase for this man.
It’s 2024, we must have our shit together.
pic.twitter.com/VioBxw8am5 — MASON VERSLUIS (@MasonVersluis)
February 28, 2024 The disruption at Coinbase is not
unprecedented; in every bull market, there are technical problems
that arise when the platforms cannot handle the volume of buying
and selling. As a result, the lack of technological safeguards on
sites like Coinbase to handle such problems infuriates members of
the cryptocurrency community. Featured image from Pixabay, chart
from TradingView
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