Bitcoin Reaches $64,000 Milestone, Faces Sharp Drop Amid Coinbase Disruption

3:13 am
February 29, 2024
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The price of Bitcoin surged to a high of $64,100 on Coinbase before experiencing a significant drop. The cryptocurrency’s value rose more than 12% within 24 hours, hitting its highest level since October 2021.

However, Bitcoin plummeted to $58,000 as $100 million in BTC liquidations flooded the market in just one hour. Within the last day, total liquidations in the crypto market surpassed $630 million, with short sellers facing losses of over $355 million and longs experiencing $280 million in liquidations.

Issues arose for Coinbase users as some reported seeing $0 balances in their accounts. Coinbase acknowledged the problem and reassured users that their assets were secure while investigating the issue.

Coinbase’s CEO, Brian Armstrong, acknowledged the high traffic volume on the exchange and stated that the team was working to address the challenges.

What Lies Ahead for Bitcoin?

Bitcoin has surged almost 50% in the last month, reaching close to its all-time high of $69,000. The momentum driving this surge is linked to a significant inflow of funds into spot Bitcoin ETFs, following the SEC’s approval in January.

BlackRock’s IBIT alone recorded a remarkable $1.3 billion in volume, with total spot ETFs reaching $2.6 billion. Analysts suggest Bitcoin may experience a pullback before the upcoming halving, with the cryptocurrency currently hovering around the $60,000 level.

Summary

Bitcoin surged to $64,000 on Coinbase before encountering a sharp drop, fueled by $100 million in BTC liquidations hitting the market within an hour. Coinbase users faced account balance issues, prompting investigations from the exchange. The market anticipates a potential pullback in Bitcoin’s price ahead of the halving event.

FAQ

1. What caused Bitcoin’s price to plummet after hitting $64,000?

The sharp drop in Bitcoin’s price was attributed to $100 million in BTC liquidations flooding the market within a short timeframe.

2. How did Coinbase users react to the account balance issues?

Some Coinbase users reported seeing $0 balances in their accounts, prompting concerns. Coinbase support confirmed the problem and assured users that their assets were safe.

3. What is the expectation for Bitcoin’s price movement leading up to the halving?

Analysts suggest that Bitcoin may experience a pullback in its price before the halving event, with the cryptocurrency currently trading around the $60,000 level.


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