Bitcoin under heavy selling pressure as Coinbase boycott threat launched by Pepe fans

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Last Updated on 4 March 2024 by CryptoTips.eu

Events in America caused Bitcoin to end one of the worst weeks of the year with a loss of some 8%. Other major coins such as Ethereum were also under heavy pressure this week. Coinbase, meanwhile, is getting slammed by crypto Twitter for not allowing trading of their favorite memecoin Pepe.

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Bitcoin under pressure

Not only does the US government want to levy a future tax on crypto mining, there was also bad news for the crypto business of popular online trading platform Robinhood. That company saw its own crypto business reduced by 30% in the first quarter.

On top of this, the highly respected Peter Brandt released a bearish Bitcoin analysis and more and more American banks seem unwilling do business with crypto companies.

The combination of all this created severe negative price pressure for Bitcoin, which is now facing an 8% loss for the past week. Analysts think volatility will return.

“In general, we’re going to see much larger swings in price both ways since so many large market makers have significantly reduced providing,” said David Wells, CEO of Enclave Markets.

“Larger market makers create more stability in prices due to the liquidity they provide,” he added. “You’ll see more frequent gaps up and down since order books are thinner in general.”

Coinbase refuses Pepe

Crypto twitter’, the group of influencers who only tweet about Bitcoin, Ether, Dogecoin and other digital coins, was clearly ‘not amused’ after it became clear that the largest US crypto platform Coinbase did not want to allow Pepecoin, the very popular memecoin, for trading.

The very high volatility of Pepe has meanwhile made millionaires out of some young traders and the memecoin’s fanbase therefore called on all major platforms (think Binance, Gemini and Coinbase) to allow the coin there too in order to introduce it to a wider audience.

Binance and Gemini have followed suit in the meantime while Coinbase refuses. They claim that the Pepe figure is mainly seen as a symbol for the extreme right and therefore do not want to play ball.

Crypto twitter threatens to boycott Coinbase if it doesn’t quickly admit Pepe. We have no doubt this is isn’t the last of it tale.

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Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / [email protected]
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