- Bitcoin (BTC) crashed below the $10k after surging to a high of $10,430
- Coinbase crashed as Bitcoin started surging higher
- Bitcoin returns to the $9,500 support region
Bitcoin News Today – Yesterday, many digital currency investors and traders were excited as the price of Bitcoin surged past the $10k mark. After a series of rejections close to the $10k region, Bitcoin finally broke over that level and rose to the highs of $10,430 before it started heading south. The celebrations were short-lived as the digital currency crashed below the $10k region in less than 24 hours.
Coinbase Crashes as Bitcoin Price Started Surging
Users of Coinbase – one of the largest digital currency trading platform in the United States – were left on the sidelines of the virtual trading floor after the trading platform crashed offline. The platform crashed just as the price of Bitcoin started surging higher. Immediately after the crash, Coinbase said to its users:
“We are currently experiencing intermittent downtime.”
Bitcoin (BTC) Price Today – BTC / USD
The crash just as Bitcoin surged over the $10k hurdle point. Coinbase later reported that the platform was back up and running, and this was more than an hour later. Coinbase is so far the largest crypto trading platform in the US, and the importance of this platform to the crypto and BTC space should not be underestimated.
Coinbase is the largest BTC holder among crypto platforms, and the platform holds about 1 million BTC. That figure is over twice what Huobi holds – a crypto-based on Singapore. It is even three times more than what Binance holds – another top crypto platform based in Malta.
Coinbase Now Has a History of Going Offline
This is not the first time Coinbase is going down suddenly, and it appears that its users are now used to the platform going offline during a sudden BTC price rally. The crypto trading platform has been down four times since March this year. Via a tweet, the CEO of recruiting company Crypto Capital Venture – Dan Gambardello asked:
“How does a crypto trading platform with a valuation of $8 billion crash every time the price of Bitcoin surged by 5 percent?”
A similar event occurred last month when the price of Bitcoin surged to around $10k. Coinbase users were locked out and unable to access their holdings. Before that, the platform crashed in March when the effect of the pandemic wiped over 20 percent of BTC’s price. Again, users were locked and unable to access their coins. Two similar events also happened last year.
The price of Bitcoin is down by more than 6 percent over the past day. After surging to a high of $10,430 on some trading platforms, the digital currency broke below the $10k some hours later. It has returned to its major hurdle around the $9,500 range.