The latest cryptocurrency news show Bitcoin falling by $1,400 within minutes after a Coinbase crash occurred. The crash of the United States based crypto trading platform came out of nowhere.
In fact, it all started when Coinbase reported that it was investigating an issue in which its API and website were not functioning. As today’s crypto currency news show, that occurred at 1:47 pm PDT, as said on its status website.
The Bitcoin price was later affected. BTC began to plummet following the investigation (at around 1:25 pm PST) and just minutes before the first announcement by the platform. The Coinbase crash was identified as a problem by 2:13 pm and the team at the platform was implementing the fix. By 2:38 pm, however, the problem was reported to be resolved.
The site was operational after that as many best cryptocurrency news sites reported. As we can see from the details, today’s Coinbase crash follows a degraded performance report on June 25 and another crash incident on June 24 – both of which were resolved within an hour of reporting.
However, the main point we can take from all this is that Coinbase is not perfect at all. There are crash incidents occurring almost every week. The latest Coinbase crash, unfortunately, took a toll on Bitcoin’s price right at the time when it surpassed the $12,000 and $13,000 price marks in only a couple of hours.
This morning, we can see a correction in the price of Bitcoin. Following the Coinbase crash, BTC fell to $12,309 which is still a relatively good price point considering the short outburst that it had. Its dominance is stable at 62.9% while the daily volume is $42 billions after the Asian market trading session.
In the altcoin news, there are bigger losses than Bitcoin’s. We don’t know if the Coinbase crash ignited them – but it seems like most of the cryptocurrencies are tied to the price of Bitcoin and its daily performance. In that manner, we can see that Ripple (XRP) has fallen by 9% to $0.43, Litecoin (LTC) has slid to $119 in a 11% loss, while Binance Coin (BNB) and Bitcoin Cash (BCH) have noticed declines by 6% and 7%, respectively.
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