Coinbase Suffers Massive Outage As Bitcoin Hits $64K: 'Your Assets Are Safe' (UPDATED)
Portfolio Pulse from Murtuza Merchant
Coinbase Inc. (NASDAQ:COIN) experienced a significant outage as Bitcoin (CRYPTO: BTC) reached $64,000, with users reporting zero balances. CEO Brian Armstrong attributed the issue to a surge in traffic and assured that assets are safe. Bitcoin's value dropped 8% after reaching the peak but later stabilized around $61,000.
February 28, 2024 | 6:27 pm
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NEUTRAL IMPACT
Bitcoin reached a peak of $64,000 before experiencing an 8% drop, later stabilizing around $61,000.
While the sudden drop in Bitcoin's value following its peak is notable, the cryptocurrency's quick stabilization around $61,000 suggests a resilient market. The short-term impact on BTCUSD is neutral as the market absorbs these fluctuations.
CONFIDENCE 85
IMPORTANCE 75
RELEVANCE 80
NEGATIVE IMPACT
Coinbase Inc. faced a significant outage during a peak in Bitcoin's value, causing user balances to temporarily show zero.
The outage at Coinbase during a critical time of Bitcoin's price surge could lead to a temporary loss of investor confidence in COIN, potentially affecting its stock price negatively in the short term.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100