Coinbase Denies Imposing $5,000 Weekly Withdrawal Limit on Bitcoin
Crypto exchange Coinbase has denied rumors that it has implemented a $5,000-per-week limit on Bitcoin (BTC) withdrawals. The rumors began after a user’s post on social media claimed to have been hit with this withdrawal restriction. The post gained significant attention, with over 250,000 views and multiple retweets and likes. Crypto researcher Chris Blec also asked for verification of the claim.
Official Response from Coinbase
A spokesperson from Coinbase stated that withdrawals from the platform depend on the chosen payment method. They advised users to refer to the official policy on account limits and withdrawals for more information.
Trading Difficulties and Resolutions
The rumors about withdrawal limits coincided with brief difficulties in processing trades on Coinbase. The exchange experienced issues starting at 6 pm UTC on October 23 but quickly resolved them within an hour. The team continued to monitor trading activity for any further problems.
Market Frenzy and Bitcoin Price Surge
The trading delays occurred during a period of high trading activity in the market, as the price of Bitcoin reached levels not seen since May last year, reaching as high as $35,000.
Hot Take: Coinbase Clarifies Withdrawal Limits
Coinbase has refuted claims of imposing a $5,000 weekly withdrawal limit on Bitcoin. These rumors surfaced alongside temporary trading difficulties experienced by the exchange. Coinbase clarified that withdrawal limits are dependent on the chosen payment method and directed users to consult their official policy for more information. Despite the trading challenges, Bitcoin’s price surged to levels not seen since May last year. It is essential for crypto investors to stay updated with accurate information and ensure the security of their assets by storing them in cold wallets.
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