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Coinbase Crash Sparks Bitcoin Bull Run Hope

The Impact of Coinbase Outage on Bitcoin Price

The popular cryptocurrency exchange Coinbase experienced a major outage today, causing a brief dip in Bitcoin’s price. Interestingly, this crash has fueled fresh speculation about a potential Bitcoin bull run. The market appears to be drawing parallels with previous Coinbase crashes, which preceded major surges in Bitcoin’s price.

Bitcoin Price Volatility During Outage

Between 12:15 PM ET and 12:30 PM ET today, Bitcoin’s price experienced a drop from $64,000 to $58,200, representing a 10% swing in just 15 minutes. This volatility occurred during a period when many Coinbase users reported their accounts reflected $0 balances.

Despite the temporary setback caused by the outage, Coinbase has reassured users that their assets are safe.

Reassurance from Coinbase

“We are aware that some users may see a zero balance across their Coinbase accounts & may experience errors in buying or selling,” Coinbase tweeted. “Our team is investigating this & will provide an update shortly. Your assets are safe. You can track this incident at http://status.coinbase.com“

Bitcoin Rallies Ahead of Coinbase Crash

In the hours leading up to the crash, Bitcoin’s price and trading volume exhibited upward momentum, echoing the market activity of 2021 when the cryptocurrency hit record highs.

Bitcoin’s volume increased by 20%, reaching $66.4 billion. It briefly touched $64,000 before Coinbase went down, coming within 10% of its all-time high of $69,045 reached in November 2021.

Market Sentiment and Expectations

The sudden price dip linked to the Coinbase crash appears to have had a counterintuitive effect on market sentiment. Many investors are interpreting this event as a catalyst for a potential Bitcoin bull run ahead of the halving event. The market’s enthusiasm appears undeterred by the crash, which some analysts estimate erased $100 billion of Bitcoin’s market capitalization in mere minutes.

“Coinbase crash literally happened like once a month last bull,” crypto trader @hash_cough tweeted. “This is your entry, not your exit.”

Ian Bennett
Written By

Ian is a cryptocurrency enthusiast blending humor with professionalism. With an engineering background and a storyteller's heart, he simplifies the blockchain world with sharp analysis and a touch of wit. At Cryptowire, he brings his unique perspective to make digital financial innovation accessible to all.

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