Major Coinbase Outage Fuels Bitcoin Bull Run Speculation
A major outage on the popular cryptocurrency exchange Coinbase has caused a brief drop in Bitcoinโs price, leading to speculation about a potential bull run. This crash is reminiscent of previous instances where Coinbase crashes preceded significant surges in Bitcoinโs price.
Temporary Dip in Bitcoin Price During Coinbase Outage
Between 12:15 PM ET and 12:30 PM ET today, Bitcoinโs price experienced a 10% swing, dropping from $64,000 to $58,200 in just 15 minutes. Many Coinbase users also reported seeing $0 balances in their accounts during this period.
Coinbase has reassured its users that their assets are safe despite the temporary setback caused by the outage. The exchange acknowledged the issue and stated that they are investigating it.
Bitcoin Rallies Leading Up to Coinbase Crash
Prior to the crash, Bitcoinโs price and trading volume showed signs of upward momentum, similar to the market activity in 2021 when the cryptocurrency reached record highs. The trading volume increased by 20%, reaching $66.4 billion. Bitcoin briefly touched $64,000 before Coinbase experienced the outage, coming within 10% of its all-time high of $69,045.
Bitcoin Bull Run Expectations Grow Amidst Volatility
The sudden price dip caused by the Coinbase crash has paradoxically fueled expectations of a Bitcoin bull run, especially with the upcoming halving event. Despite losing an estimated $100 billion of market capitalization in a matter of minutes, investors remain optimistic about Bitcoinโs potential for growth.
Some analysts believe that this crash could be an entry point for investors rather than an exit strategy. They see it as an opportunity to enter the market and potentially profit from a future surge in Bitcoinโs price.
Hot Take: Coinbase Crash Sparks Speculation of Bitcoin Bull Run
The recent outage on Coinbase, which led to a temporary drop in Bitcoinโs price, has triggered speculation about a potential bull run. This event has drawn parallels to previous instances where similar crashes on the exchange preceded significant surges in Bitcoinโs price.
Despite the volatility and temporary setback, many investors remain optimistic and see this as an opportunity to enter the market before a potential bull run. The crash has not dampened their enthusiasm for Bitcoinโs growth potential.
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