A widespread flash crash of Bitcoin price that took place yesterday — reported earlier in our BitcoinNews.com daily market sentiment analysis — had apparently had an effect on traders across several major crypto exchanges, including Coinbase, Binance, Bitfinex and Deribit.
The sudden dip in price led to these traders unable to access their accounts, although those on platforms like PrimeXBT were able to take advantage of the situation as others scrambled.
Having risen over 250% in just a few weeks, Bitcoin is touted by many analysts to be in a full swing of bullish and parabolic patterns, looking to emulate the last huge run in late 2017 that resulted in skyrocketing demand across the world, pushing prices to above global averages in markets where supply simply could not keep up
This recent crash was just a sample of things to come, with Coinbase unable to be accessed by many traders and even Binance, considered by many to be the largest outside of North America, caused some issues for people.
Irate traders took to social media, as usual, to vent their frustrations, when Bitcoin suddenly dipped around 2:00 pm EDT wiping out all the gains from the past 24 hours and then some. Traders began reporting that Coinbase, Binance, BitMEX and Bitfinex, among others were inaccessible.
Of course, many resorted to old theories of Tether and Bitcoin manipulation, with some taking a dig at the stablecoin linked to many a Bitcoin price scandal:
Relax guys, it’s just Bitfinex cashing out on Coinbase
— Gal Tesler (@galtesler) June 27, 2019
Whether or not there is “something fishy” going on with how all these platforms crashed for a while, there can be no doubt that FOMO season is here now. Just what it will do to Bitcoin’s price is anyone’s guess.
Anyone think theres something fishy about the fact that Coinbase, Bitrue, Bitfinex, etc. Go down during a huge parabolic move? We saw “overloading” and other excuses during Bitcoin Cash listings. And Binance going down for hacks, etc. Can’t help but feel like they’re all
— DM SPQR (@distributedmind) June 26, 2019
Image Courtesy: Pixabay
The post Bitcoin Flash Crash Cripples Coinbase as Exchanges Strain Under Pressure appeared first on BitcoinNews.com.