It is rumored that the Coinbase exchange caused the trading services to go offline due to technical difficulties, resulting in a significant drop of $1,400 in bitcoin prices across the global cryptocurrency market.
If this is true, it means that too much encryption market relies on a single exit.
But is this possible? Or is the short position just grabbing this opportunity?
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- Heavy Coinbase plans to launch the IEO platform, while waiting for the opportunity to launch STO products
- Coinbase will insure the $255 million encrypted hot wallet, which is the well-known insurance group Lloyd's
- Bitcoin soared 13,000 US dollars to the highest level in 17 months Coinbase website crash caused a plunge
- Coinbase does not support Lightning Network, the company has done it for it.
Coinbase is offline, so how can they be accused of falling currency prices?
Every ascending process has its ups and downs. This is how the market works.
You can't blame an overall market downturn for a short-term offline of an exchange.
The price of Coinbase is usually higher than other markets.
Their platforms provide tremendous liquidity for the US market, and retail sellers often cash through them.
People may soon blame the price collapse on Coinbase, but the offline of the platform is precisely why they should not be blamed.
"The current order is a bit crazy. At Coinbase, the $27 million market sell order will make Bitcoin plung from $12.5 million to $10,000. A $27 million market buy order will raise Bitcoin from $10,000 to $19,000. Dollar."
No matter what happens in the market, they have nothing to do with it.
The route to the next historical high is not rising.
There will be some necessary setbacks in this process. If the monthly gains reach $5,000, you can expect hundreds or even thousands of dollars in callbacks.
It is unclear whether the decline will be better or worse if Coinbase does not appear offline.
Coinbase first helped Bitcoin prices move to today's position
Many people's forecasts for the cryptocurrency market are based on the activities of exchanges such as Coinbase, which provides services to most retail markets.
Coinbase plays a vital role in the overall popularity of Bitcoin.
They now support multiple cryptocurrencies, including Litecoin and EOS. People can now buy or sell these products directly on the retail version of the service.
If the theory that Coinbase is offline will bring downward pressure to the market, then this company is definitely the world's largest market maker.
Although Coinbase is one of the largest cryptocurrency portals ever, Coinbase is far from the most traded exchange.
In terms of legitimate transactions, Binance is likely to have this title.
Currently, Binance is considering entering the US market in a way similar to Coinbase. According to previous reports, Binance Exchange will ban US users from using their current major products.
In general, this is a gamble. US users may end up choosing Coinbase.
If you blame the price drop on Coinbase, then will you attribute the new record high to them?
It seems impossible.
Therefore, it is pointless to blame Coinbase for causing the market to fall.
The offline of Coinbase is just one factor. In fact, this may limit market losses because many new retail investors cannot sell.
So don't blame them anymore.