Coinbase Goes Down Just as Bitcoin Skyrockets to Nearly $9,000


The world’s leading cryptocurrency is on a tear today.

We started the day around $7,777 only to jump as high as $8,970 on Bitstamp. Up more than 13% in the past 24 hours, volume on top ten exchanges with real volume has surged to a whopping $2.4 billion, as per Messari.

But while Bitcoin is climbing, Coinbase has crashed.

The San Francisco-based crypto exchange is currently down. At 10:38 PDT on April 29, it went down and under ten minutes the team implemented a fix and as of writing was monitoring the results, according to the website.

The timing of bitcoin surging and Coinbase going down reminded people of the 2017 bull market when the crypto exchange couldn’t handle the heightened activity.

Since Coinbase has gone down, BTC price has also pulled back to $8,750, for now.

However, these greens that first started showing over the weekend now have the overall bitcoin market in a more profitable state than it was before the March crash “indicating investors bought the dip.”

“As BTC breaks past $8300, 73% of circulating BTC is in a state of profit – 9% more than the last time we saw this price,” noted Glassnode.

btcpercentsupply

Source: Glassnode

It is no surprise that bitcoin is performing well in April because as we reported this month along with May and June have “always been a strong period” for bitcoin. These are the top three median months and since 2014 they have been making up 5 of the top 10 best months.

However, analyst Filb Filb is calling out a “temporary top here.”

Bitcoin (BTC) Live Price

1 BTC/USD =$62,663.1929 change ~ -1.87%

Coin Market Cap

$1.17 Trillion

24 Hour Volume

$27.5 Billion

24 Hour VWAP

$63 K

24 Hour Change

$-1,172.13

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