Bitcoin Halving is less than two days away before the price plunged more than 15% earlier today. The pre-halving dump happened on the Sunday morning after Bitcoin failed to maintain above $10K and broke below the important psychological level on Saturday.
The price fell sharply, took Bitcoin down from $9,500 all the way to $8,100 in one swoop causing long traders on BitMEX to liquidate their positions, suffered over $200 million loss.
The US-based cryptocurrency trading platform, Coinbase, also experienced some technical difficulties as the exchange went down during the price crash. The main website along with their mobile application seems to be reporting “connectivity issues” or “an error has occurred.”
A similar situation happened earlier when Bitcoin spiked up sharply from $7,000 to $9,000 causing traders to miss out on buying or selling opportunities. This raises the questions among the investors if the events are coordinated and Coinbase is part of the whales’ Pump N’ Dump schemes.
Some users pointed out that Coinbase is likely to crash every time there is a big movement in Bitcoin price and with over $500 million funding they raised, people are expecting a more reliable system.
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