Bitcoin temporarily busted above $ 40,000 today, doubling its previous high from 2017. Shortly after breaking the level, there was a massive rejection that resulted in a drop of $ 4,000 almost immediately.
But when avid buyers stepped in to buy Coinbase, they encountered frustration and disrupted service. And because Bitcoin is trending on Twitter, Coinbase is now too, but for the wrong reasons. Here’s why Coinbase needs to shape its storyline before the bull run enters the next phase.
Bitcoin Bull Run then and now: 2017 versus 2020
Coinbase was the figurehead of the 2017 bull market. The iOS app was trending in the Apple App Store for iPhone as many investors bought Bitcoin in 2017.
As the cryptocurrency market re-enters a bullish cycle, Bitcoin hit a high today that is double the 2017 high that put both the asset and the exchange on the map initially.
Related reading | Bullish for Bitcoin: US inflation expectations are breaking out of the decade-long downward trend
Now the two big brands in finance are starting to mature. Bitcoin is suddenly the focus of investment for the ultra-rich trying to protect that wealth from the effects of inflation. Their money has taken the cryptocurrency to recent highs and it has done so incredibly quickly.
The asset now significantly outperforms its 2017 rally and is the second strongest rally in history. This has meant that dips are bought up much faster because the institutions know that they are in competition with others and private investors are also fighting for their share.
This is why there is so much outrage on Twitter about outages on Coinbase that occurred today during the Bitcoin Pump.
Bitcoin briefly shattered $ 40,000 and Coinbase struggled Source: BTCUSD on TradingView.com
Coinbase can’t keep up with crypto volatility, trends on Twitter
Bitcoin has steadily improved from $ 30,000 to $ 40,000 in just seven days leading up to the start of 2021. The move culminated in a sharp surge above $ 40,000 today but was harshly rejected after Coinbase hit a high of $ 40,412.
Unless orders have been placed yet, few have actually been able to buy or sell BTC during the rush on Coinbase. Users report all kinds of problems, such as: B. Server outages, inability to sign in, withdrawals not working properly, and more.
Related reading | Analyst: Bitcoin Parabolic Trend is about to collapse
Equally frustrating were the issues on the Coinbase Pro platform, which is designed for institutional investors. The users were so upset about everything that they headed to Twitter to bleed the air.
Bitcoin and Coinbase were both on Twitter in the US | trending Source: Twitter
Bitcoin was also a trend on Twitter due to the strength of the record move. However, Coinbase was trending due to its lack of performance during the large-volume blitzkrieg.
Coinbase continues to be the go-to place for institutions and plans to go public this year. If they are unable to get the most basic functions of their platform up and running on a regular basis, and when it comes down to it, they can waste their positive reputation in the public eye during this current crypto bull run.
Featured image from deposit photos, charts from TradingView.com