{"id":256352,"date":"2024-02-29T11:53:43","date_gmt":"2024-02-29T06:23:43","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=256352"},"modified":"2024-02-29T11:53:43","modified_gmt":"2024-02-29T06:23:43","slug":"coinbase-crash-could-mean-another-bitcoin-bull-run-is-coming-heres-why-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/coinbase-crash-could-mean-another-bitcoin-bull-run-is-coming-heres-why-crypto-news\/","title":{"rendered":"Coinbase Crash Could Mean Another Bitcoin Bull Run Is Coming\u2014Here’s Why – Crypto News"},"content":{"rendered":"
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Bitcoin surges, exchanges run hot, and Coinbase glitches\u2014lather, rinse, repeat. Following widespread reports that Coinbase users were logging in to see<\/span> zero balances<\/span><\/a> in their wallets, CEO Brian Armstrong said Wednesday afternoon that the problem had been fixed.<\/span><\/p>\n

Coinbase\u2019s history of going down during surges in traffic prompted crypto Twitter another opportunity to poke fun at the exchange, designating the familiar technical difficulties as a positive market indicator.<\/span><\/p>\n

\u201cCoinbase app is down,\u201d Reflexivity Research co-founder<\/span> Will Clemente<\/span><\/a> wrote on Twitter. \u201cWe are SO back.\u201d<\/span><\/p>\n

Cryptocurrency exchanges often experience outages during Bitcoin rallies, which bring massive surges in user traffic and trading activity along with intense unpredictability in Bitcoin’s price.<\/span><\/p>\n

\u201cWe had modeled a ~10x surge in traffic and load tested it,\u201d Armstrong<\/span> said<\/span><\/a> on Twitter. \u201cThis exceeded that number.<\/span><\/p>\n

\u201cIt’s expensive to keep services over-provisioned, but we’ll need to keep working on auto-scaling solutions and killing any remaining bottlenecks,\u201d he continued. \u201cThank you for bearing with us.\u201d<\/span><\/p>\n

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We are aware that some users may see a zero balance across their Coinbase accounts & may experience errors in buying or selling. Our team is investigating this & will provide an update shortly. Your assets are safe.
You can track this incident at https:\/\/t.co\/a3pl4WiDhZ<\/a><\/p>\n

\u2014 Coinbase Support (@CoinbaseSupport) February 28, 2024<\/a><\/p>\n<\/blockquote>\n<\/div>\n

Armstrong had said earlier in the day that Coinbase was dealing with \u201ca LARGE surge of traffic,\u201d<\/span> apologizing<\/span><\/a> for any issues encountered.<\/span><\/p>\n

Crypto watchers seized on the news as a reason to snark.<\/span><\/p>\n

\u201cCoinbase crashing is a bullish signal,\u201d Chateau Capital co-founder and COO<\/span> Alex Valaitis<\/span><\/a> said. \u201cRetail is coming back!\u201d<\/span><\/p>\n

\u201cThis is like the canary in the coal mine that the giga bull is just getting started,\u201d Zen Academy founder Zeneca<\/span> said<\/span><\/a>. \u201cRetail… is coming?\u201d<\/span><\/p>\n

Competing exchanges couldn’t resist joining in.<\/p>\n

The history of bad days for Coinbase coming with good days for Bitcoin is well established. In 2017, Coinbase crashed as Bitcoin surged toward its then-all-time high of $19,345. Coinbase again crashed in<\/span> April 2020<\/span><\/a> as the price of Bitcoin rose 15% overnight on April 29 as Bitcoin investors prepared for the<\/span> Bitcoin halving<\/span><\/a> in May and FOMO set in.<\/span><\/p>\n

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Coinbase has crashed as Bitcoin skyrockets today.<\/p>\n

\u2014 Pomp \ud83c\udf2a (@APompliano) April 29, 2020<\/a><\/p>\n<\/blockquote>\n<\/div>\n

Coinbase crashed once more in January 2021 as the price of Bitcoin approached $40,000 before falling 25%, $8000, to<\/span> $32000<\/span><\/a> the next day. When the value of BTC fell more than 30 percent in 24 hours in May of that year,<\/span> another crash<\/span><\/a>. What about when Bitcoin hit its all-time high in November 2021?<\/span><\/p>\n

Coinbase reported \u201dconnectivity issues again\u201d a couple of weeks later.<\/span><\/p>\n

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We’re experiencing connectivity issues again across https:\/\/t.co\/ohqDivCZYw<\/a> and Coinbase Pro. This may cause failed trades, delayed transactions, and unexpected behavior on the webpage and mobile apps. We’re back at it to get this fixed and restore full service.<\/p>\n

\u2014 Coinbase Support (@CoinbaseSupport) November 24, 2021<\/a><\/p>\n<\/blockquote>\n<\/div>\n

Traditional exchanges operate for 6 to 8 hours a day, five days a week, giving their developers ample time to address technical issues. Crypto exchanges generally operate 24\/7, making it much more challenging to maintain the system, especially during times of high traffic.<\/span><\/p>\n

Edited by<\/span><\/i> Ryan Ozawa<\/span><\/i><\/a>.<\/span><\/i><\/p>\n

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Stay on top of crypto news, get daily updates in your inbox.<\/h3>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Bitcoin surges, exchanges run hot, and Coinbase glitches\u2014lather, rinse, repeat. Following widespread reports that Coinbase users were logging in to see zero balances in their wallets, CEO Brian Armstrong said Wednesday afternoon that the problem had been fixed. Coinbase\u2019s history of going down during surges in traffic prompted crypto Twitter another opportunity to poke fun […]<\/p>\n","protected":false},"author":2,"featured_media":256353,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[230,225,221,227,226,228,229,60,223,224,222],"class_list":["post-256352","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency","tag-brave","tag-coinbase","tag-crypto","tag-decentralised","tag-decentralized","tag-decentralized-exchange","tag-erc-20","tag-featured","tag-meme-coin","tag-robinhood","tag-solana"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/256352","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=256352"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/256352\/revisions"}],"predecessor-version":[{"id":256355,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/256352\/revisions\/256355"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/256353"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=256352"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=256352"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=256352"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}