{"id":26888,"date":"2024-02-28T19:24:32","date_gmt":"2024-02-28T19:24:32","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/bitcoin-hits-64000-before-sharply-retreating-as-coinbase-crashes\/"},"modified":"2024-02-28T19:24:32","modified_gmt":"2024-02-28T19:24:32","slug":"bitcoin-hits-64000-before-sharply-retreating-as-coinbase-crashes","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/bitcoin-hits-64000-before-sharply-retreating-as-coinbase-crashes\/","title":{"rendered":"Bitcoin hits $64,000 before sharply retreating as Coinbase crashes"},"content":{"rendered":"<p><b>(Originally posted on : CoinJournal: Latest Bitcoin, Ethereum &amp; Crypto News )<\/b><br \/>\n<\/p>\n<div>\n<div class=\"post-article-image  -mt-24  mb-8  lg:-mt-32  rounded  overflow-hidden\">\n<picture><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/03\/06-BTC-1-5-smartcrop-750x375.webp\" type=\"image\/webp\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/03\/06-BTC-1-5-smartcrop-363x181.webp\" type=\"image\/webp\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/03\/06-BTC-1-5-smartcrop-750x375.jpg\" type=\"image\/jpeg\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/03\/06-BTC-1-5-smartcrop-363x181.jpg\" type=\"image\/jpeg\"\/>\n<\/picture>                    <\/div>\n<ul>\n<li>Bitcoin price hit highs of $64,100 on Coinbase, surging double-digits.<\/li>\n<li>BTC however fell sharply as Coinbase users reported issues with account balances.<\/li>\n<li>Coinbase CEO Brian Armstrong noted the exchange had recorded a spike in traffic.<\/li>\n<\/ul>\n<p><span style=\"font-weight: 400\"><a href=\"https:\/\/coinjournal.net\/bitcoin\/\">Bitcoin price<\/a> crossed the $64,000 mark on Wednesday February 28, to hit its highest level since October 2021. The top cryptocurrency\u2019s value rose more than 12% in the 24 hours to hit highs of $64,100 on Coinbase.<\/span><\/p>\n<p><span style=\"font-weight: 400\">However, prices fell sharply to touch lows of $58k as $100 million in BTC liquidations hit the market in one hour. Over the past 24 hours, total liquidations across the crypto market reached over $630 million \u2013 with Coinglass data showing short sellers rekt for over $355 million and longs for $280 million.<\/span><\/p>\n<p><a href=\"https:\/\/www.tradingview.com\/x\/5Q5Srm7J\/\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-188888\" src=\"https:\/\/coinjournal.net\/wp-content\/uploads\/2024\/02\/btc-usd-chart-coinbase-tradingview.png\" alt=\"\" width=\"1074\" height=\"545\"\/><\/a><\/p>\n<p><span style=\"font-weight: 400\">The $6,000 dip happened as users reported problems with their Coinbase accounts \u2013 balances showed $0. Coinbase support did acknowledge the problem, noting that its team was investigating the matter.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">We are aware that some users may see a zero balance across their Coinbase accounts &amp; may experience errors in buying or selling. Our team is investigating this &amp; will provide an update shortly. Your assets are safe.<br \/>You can track this incident at <a href=\"https:\/\/t.co\/a3pl4WiDhZ\">https:\/\/t.co\/a3pl4WiDhZ<\/a><\/p>\n<p>\u2014 Coinbase Support (@CoinbaseSupport) <a href=\"https:\/\/twitter.com\/CoinbaseSupport\/status\/1762899058060890556?ref_src=twsrc%5Etfw\">February 28, 2024<\/a><\/p>\n<\/blockquote>\n<p>Coinbase founder and CEO Brian Armstrong <a href=\"https:\/\/twitter.com\/brian_armstrong\/status\/1762900467787645226\">acknowledged<\/a> the surge in traffic the exchange was seeing.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">We are dealing with a LARGE surge of traffic \u2013 apologies for any issues you encounter. The team is working to remediate.<\/p>\n<p>\u2014 Brian Armstrong \ud83d\udee1\ufe0f (@brian_armstrong) <a href=\"https:\/\/twitter.com\/brian_armstrong\/status\/1762900467787645226?ref_src=twsrc%5Etfw\">February 28, 2024<\/a><\/p>\n<\/blockquote>\n<h2><span style=\"font-weight: 400\">What next for Bitcoin?<\/span><\/h2>\n<p><span style=\"font-weight: 400\">BTC, which has jumped nearly 50% in the past 30 days, spiked to the multi-year high to come within 5% of its all-time high of $69,000. At today\u2019s peak, Bitcoin had doubled from levels seen in October 2023 when it broke above the $30,000 level.<\/span><\/p>\n<p><span style=\"font-weight: 400\">The momentum that carried bulls high this week has coincided with a massive influx of money into spot Bitcoin ETFs. The SEC\u2019s approval of spot ETFs in January helped push BTC above $50k and the record volumes seen this week have added to the impetus.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Only this week, BlackRock\u2019s IBIT recorded a staggering $1.3 billion in volume.\u00a0 Today, the spot ETFs were up to $2.6 billion with just half the day of trading data in. Bloomberg ETF analyst Eric Balchunas shared this on X.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">JEEZ: Only halfway through trading day and New Nine bitcoin ETFs have already broken their all time daily volume record w\/ $2.6b. We got 4 btc ETFs in Top 20. <a href=\"https:\/\/twitter.com\/search?q=%24IBIT&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$IBIT<\/a> is #4 overall, it&#8217;s gonna trade more today than in its first two wks combined. This is officially a craze. <a href=\"https:\/\/t.co\/Wqez1rKrCg\">pic.twitter.com\/Wqez1rKrCg<\/a><\/p>\n<p>\u2014 Eric Balchunas (@EricBalchunas) <a href=\"https:\/\/twitter.com\/EricBalchunas\/status\/1762893396379627921?ref_src=twsrc%5Etfw\">February 28, 2024<\/a><\/p>\n<\/blockquote>\n<p><span style=\"font-weight: 400\">The market anticipates Bitcoin price may pull back ahead of the halving. Currently, Bitcoin is hovering around the $60k level.<\/span><\/p>\n<div class=\"post-meta\">\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Share this article<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Categories<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Tags<\/h6>\n<\/p><\/div>\n<\/p><\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/><a href=\"https:\/\/coinjournal.net\/news\/bitcoin-hits-64000-before-sharply-retreating-as-coinbase-crashes\/\">Source link <\/a><br \/>\n<br \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Originally posted on : CoinJournal: Latest Bitcoin, Ethereum &amp; Crypto News ) Bitcoin price hit highs of $64,100 on Coinbase, surging double-digits. BTC however fell sharply as Coinbase users reported issues with account balances. Coinbase CEO Brian Armstrong noted the exchange had recorded a spike in traffic. Bitcoin price crossed the $64,000 mark on Wednesday [&hellip;]<\/p>\n","protected":false},"author":13,"featured_media":26889,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[35],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/26888"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=26888"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/26888\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/26889"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=26888"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=26888"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=26888"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}