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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Coinbase Trends On Twitter For Downtime During Bitcoin Break Above $40K

Tony "The Bull" Severino
Tony "The Bull" Severino
1 year ago
3 mins read
coinbase bitcoin twitter

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Bitcoin momentarily blasted above $40,000 today, doubling its previous peak set back in 2017. A huge rejection took place shortly after the level was overcome, prompting a $4,000 drop near instantly.

But as eager buyers stepped in to “buy the dip” on Coinbase, they were met with frustration and disrupted services. And because Bitcoin is trending on Twitter, Coinbase is now also but for all the wrong reasons. Here’s why Coinbase needs to shape up its act before the bull run enters the next phase.

Bitcoin Bull Run Then And Now: 2017 Versus 2020

Coinbase was the poster child of the 2017 bull market. The iOS app was trending on the Apple App Store for iPhone as the top way many investors were buying Bitcoin back in 2017.

With the cryptocurrency market reentering a bullish cycle, Bitcoin today set a high that is double the 2017 peak that put both the asset and the exchange on the map initially.

Related Reading | Bullish For Bitcoin: US Inflation Expectation Breaks Out From Decade Long Downtrend

Now the two are major brands in finance and are beginning to mature. Bitcoin is suddenly the investment focus of the ultra-wealthy, who are seeking to protect that wealth from the impact of inflation. Their money has pushed the cryptocurrency to recent highs and did so incredibly quickly.

The asset is now outperforming its 2017 rally by a large margin and is the second most powerful rally in history. It has resulted in dips being bought up much faster because institutions know they are in competition with others, and retail investors are fighting for their share too.

Which is why there’s so much outrage on Twitter regarding outages on Coinbase experienced today during Bitcoin’s pump.

bitcoin 40k coinbase twitter

Bitcoin shattered $40,000 briefly causing Coinbase to struggle | Source: BTCUSD on TradingView.com

Coinbase Can’t Keep Up With Crypto Volatility, Trends on Twitter

Bitcoin has grinded its way up steadily from $30,000 to $40,000 in just seven days to start 2021. The move culminated today with a strong push above $40,000, but it was rejected harshly after setting a peak of $40,412 on Coinbase.

Unless orders were already placed, however, few were able to actually buy or sell any BTC during the frenzy on Coinbase. Users report all kinds of issues, from server outages, an inability to log in, withdrawals not working properly, and much more.

Related Reading | Analyst: Bitcoin Parabolic Trend Is “Close To A Breakdown”

The issues were just as frustrating on the Coinbase Pro platform which is designed for institutional investors. Users were so upset about it all, they took to Twitter to vent.

coinbase bitcoin twitter

Bitcoin and Coinbase were both trending in the US on Twitter | Source: Twitter

Bitcoin was trending on Twitter at the same time due to the strength of the record-setting move. Coinbase, however, was trending for its lack of performance during the high-volume blitzkrieg.

Coinbase continues to be the “go-to” for institutions, and are planning on launching an IPO this year. If they can’t get the most basic functionality of their platform to work regularly and during when it matters the most, they could squander what positive reputation they have with the public eye during this current crypto bull run.

Featured image from Deposit Photos, Charts from TradingView.com
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Tony "The Bull" Severino
Tony "The Bull" Severino

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

Read more

Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies.

Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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