CoinBase fails stress test as price plunge too much too bear

CoinBase fails stress test as price plunge too much too bear

According to the latest development in the crypto space, the recently plunged price of Bitcoin has had a negative impact on the traders cross various crypto exchanges, including Binance, Coinbase, Deribit and Bitfinex. These Crypto traders were not able to access their accounts, while traders on platforms such as PrimeXBT cashed in on this sharp dip.

The crypto analysts touted Bitcoin to be in full swing of parabolic pattern and bullish trend, as, the prices rose up to two hundred and fifty percent in just a couple of weeks. It seemed as if imitating the previous immense run that happened in the latter part of 2017 that resulted in soaring the demand across the globe — forcing up prices to above the global averages in crypto markets, where the prices could not sustain.

This latest crash is deemed to be just a glimpse of what is yet to come. As crypto exchanges, including Binance and Coinbase, cannot be accessed by several traders, this tends to be causing some major frustrations in the crypto space.

So, in order to vent out their frustrations, these irritated traders started ranting on social media. The sudden Bitcoin dip happened at around 2:00 pm EDT, all of the gains from the past 24 hours out. As, several traders started reporting inaccessibility of crypto exchanges including BitMEX, Binance, Bitfinex, and Coinbase; many started to resort to conspiracy theories of Bitcoin and Tether manipulating. Moreover, some even started to take a dig at the scandals of stablecoin linked to Bitcoin price.

Whether there is something really suspicious about this whole episode flash crashing, one thing is for sure that the FOMO season has begun.


Ahmad Asghar

Ahmad Asghar

A first generation gamer at heart and tech buff by nature, have been involved in the tech sector for better part of a decade. With that insight and knowledge, he now covers blockchain, cryptocurrency and everything fintech so others can make sense of the industry.

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