Coinbase Crashes As Bitcoin Nears Record High

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Last Updated on 25 November 2020 by CryptoTips.eu

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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Brian Armstrong unfortunately saws his trading platform once again trending on social media yesterday. Although the cryptosphere as a whole has had a very positive 2020 and Mr Armstrong can probably count on a hefty bonus from his board next year, things did not truly go his way all the time. The second biggest trading platform in the world (Binance is still number 1) has been plagued with both outages and bad press this year (the latter because of Armstrong’s decision not to take a stand in the US election).

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Bitcoin volatily and Coinbase outage

Just as Bitcoin was about to break the $19k level yesterday and seek it’s all time high, Coinbase suffered another outage to the great frustration of many crypto investors.

That is because 2020 has seen multiple Coinbase outages already, mostly at a time when trading in Bitcoin was either experiencing great volumes or major price action.

The message “Coinbase.com is experiencing connectivity issues” has for many crypto traders become synonymous with uncertainty and a drop in profits whenever Mr Armstrong’s site went back online.

XRP crashes on Coinbase in seconds

One of the most significant victims of Coinbase’s problems yesterday were US purchasers of XRP. As the coin boomed many wanted to get in on the FOMO rally and on Coinbase it hit $0.90 at a certain point, only to crash down by 30% in a matter of seconds afterwards. On other exchanges, such as Binance and Bitstamp, the Ripple Labs coin never went that high in the first place.

The website Downdetector lined up several commenters who blamed Coinbase for another outage, with one reading:

What crap, new to coinbase, and all my XRP trades went into limbo then finally showed up only AFTER the bottom fell out, causing me to lose a ton of money!!!

The website also shows that the platform had a lot of problems the past week:

23 November: Problems at Coinbase
17 November: Problems at Coinbase
16 November: Problems at Coinbase