Thismeans a drop of almost $ 2,000 fromthelevel at whichBitcoin was traded just 24 hoursearlier. Fewtraderswerepreparedforthismove, which was exacerbated by theunwinding of longpositions on BitMEXworth $ 230 million, andtheexchanges also appearednot to havebeenready.
Coinbase breaks in with BitcoinSince this was one of the fastest slumps in the crypto market in months, the exchanges were quickly overloaded with orders from all sides of the market.The pressure during the collapse was so great that crypto market observers such as Anthony Pompliano, “Nebraskan Gooner”, Steven Block’s The Block and others reported that the leading crypto exchange Coinbase had collapsed.
They shared images of Coinbase’s mobile application, which reported an “Error 502”, and the website of the Bitcoin exchange, which stated that “AN ERROR HAS occurred”.The status page of Coinbase confirms this: The website reports on fundamental “connectivity problems” as well as on a “partial failure” of the main website and the mobile application.
This is not the first time
This is not the first time that Coinbase has done this recently.Just 10 days ago, when Bitcoin recovered from $ 7,000 to $ 9,000 within a day, Pompliano and the Coinbase status pages reported that the exchange was temporarily out of order.