Could the Disruption in Coinbase Reason for Decreasing Sudden Prices on BTC? – On Wednesday, Coinbase, the leading US crypto exchanger that recorded more than $ 1 million in Bitcoin trading volume, reported a server outage in its ecosystem which resulted in the closure of its website, dApps cellular, and API. Although the system’s internal functions are not interrupted.
According to an interview by Coindesk, a spokesman for Coinbase stated that the site was fully functional after a system upgrade 15 minutes later:
“We are back.” At 5:17 ET, the Coinbase status page noted: “Improvements have been made and we are monitoring the results.”
After this development, dApps for crypto trading, stocks, and others, Robinhood, also confirmed outages in its platform features.
Hosts of Top Podcast Trading, Tracey Mayer, owner of Mayer Multiple, is one rule that finds multiples of the average Bitcoin price for a period of 200 consecutive days.
This algorithm projects favorable market conditions whenever the price of Bitcoin rises well above a long-term MA that is far around $ 3,000 – $ 4,000 USD over a span of 17 months. The opposite will be a problem when the BTC price falls below the same MA line.
Given the current trend of events, even a beginner in the crypto space can easily understand the reason for the increase in BTC.
Nevertheless, what appeared to be the rise of the cryptocurrency turned out to still be “wry”. Right in the middle of the increase, the price of Bitcoin fell $ 2,000 yesterday. At the time of the press, the price of Bitcoin was at $ 11,185, down 13.18 percent against the USD.
However, the sudden downturn during the span of yesterday has made expert analysts and experienced investors in an agitated state.
While most trade specialists predict this as a case of general human factors related to emotions, others consider this a side effect of Coinbase outages.
An expert at the Coinspeaker linked this as a result of the countermeasures mechanism in preparation for the upcoming CME termination of the Bitcoin Futures next June.
If you are a crypto fanatic, you must be aware of the total market capitalization that CMC spreads in real time.
Through web applications such as graphics provided by CMC, it is possible for us to see daily every month and annual height.
Clearly, the overall total market capitalization of 2,290 digital tokens currently traded globally (including and not limited to BTC, ETH, XRP, LTC, DASH and BNB) has increased from a little over $ 100 billion to more than $ 350 billion in capitalization in less than 1 year.