Crypto Exchanges Not Ready for the Next Bull Run; Coinbase, Robinhood, and Deribit Suffer Outages


  • Bitcoin price drops from $13,900 to $11,800 and continues to drop today reaching $11,200 on a strong volume of $5.95 billion
  • Altcoins dropped harder, the majority of the top ones down over 10%
  • Coinbase, Robinhood, and Deribit suffered an outage

Yesterday, Bitcoin climbed up and came close to touching $14,000. After reaching about $13,900, we dropped down to about $11,800 level. Though BTC recovered, today we can still see the after-effects as BTC is struggling to maintain its upward momentum.

We continue to go down from $13,355 today’s highest level to $11,200 level. At the time of writing, BTC/USD has been trading at $11,415 with 24 hours loss of 3.65 percent. This drop down is backed by a strong volume of $5.95 billion, per Messari’s Real 10, 24 hours volume.

Bitcoin’s drop hit altcoins even harder.

Top altcoins are down by 8 to 18 percent and continue to drop further. This is the total market capitalization down to $357 billion from $385 billion.

BTC dominance meanwhile, is holding strong at 62.8 percent, close to reaching the high of 65.18 percent from December 2017.

Crypto market in red in tandem with Bitcoin’s drop from $13,900 to $11,200, Source: Coin360

This all happened when US-based Coinbase experienced a brief outage on Wednesday afternoon. Per Coinbase’s status page, the exchange reported major outages across its website, API, and mobile apps that were all rendered temporarily inaccessible.

In about half an hour, Coinbase reported that it had identified the problem and implementing a fix. This crash followed a degraded performance report on June 25 and then another crash incident on June 24, both of these were resolved within an hour of reporting.

However, Coinbase wasn’t the only one that suffered the glitch. According to the trading app Robinhood’s website, it reported issues with its crypto trading service when the platform was rendered inaccessible for both desktop and mobile users.

Even Deribit, a bitcoin futures and options exchange experienced issues as shared by MoonOverlord on Twitter.

In the meantime, BitMEX recorded about $250 million in volume in a matter of five minutes surrounding the initial drop. This volume further increased to $690 million in trading volume across five minutes after the drop in BTC price.

Up until this crash, Bitcoin price has been on a tear throughout last week and further this week when we made 18-months high at $13,900. Just a week back, we were hovering around $9,000 and as soon as $10k level was broken, we bulldozed almost four levels.

Bitcoin (BTC) Live Price

1 BTC/USD =$41,097.2589 change ~ -1.48%

Coin Market Cap

$771.53 Billion

24 Hour Volume

$14.94 Billion

24 Hour VWAP

$41.65 K

24 Hour Change

$-606.51

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