Bitcoin got all the attention yesterday as the price literally shot to the moon in record times. BTC was trading up to $13 679 until the Coinbase crash became public.
The first reports of the Coinbase crash send waves through the community and BTC’s price quickly began to plummet. According to its status website, there was an issue that had the Coinbase API and website malfunction.
The Coinbase crash was brief, but it’s effects were massive
After a little more than an hour, Coinbase reported that the problem was identified, posed no substantial threat and was worked on. A little over 2 hours after the first reports of the problem surfaced, all issues were resolved and the Coinbase crash was history.
The events definitely derailed what could have been an incredible day for bitcoin. If the price kept surging, the $14K mark was definitely within reach. Both the $12K and $13K marks were surpassed in a matter of hours as all attention centered around bitcoin.
The current bitcoin price is $11 691 which is a -8.48% from the price 24 hours ago.
As for Coinbase, it appears that the crash was indeed a fortunate malfunction and everything is proceeding as planned. Yesterday, a Coinbase blogpost, revealed that ChainLink is launching on Coinbase Pro.
Inbound transfers for LINK are now available in the regions where trading is supported. Traders cannot place orders and no orders will be filled. Order books will be in transfer-only mode for a minimum of 12 hours. https://t.co/5wgZXZ9QmT— Coinbase Pro (@CoinbasePro) June 26, 2019
ChainLink (LINK) deposits will be accepted by the exchange at least 12 hours before full trading is enabled. LINK will be available to trade with USD and ETH. The post however, mentions that the LINK token will be available in all covered jurisdictions except the state of New York.
Earlier this year, Coinbase Pro announced a full market structure update. The implemented changes were designed to increase liquidity, enable better price discovery and make market movements smoother. It was also announced that Coinbase Pro and Coinbase Prime would cease their support for stop market orders.
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Tags:bitcoin correctionbitcoin partyChainLink Coinbase Procoinbase crashCoinbase Market Structure Upgrade