The recent Bitcoin bull run has been pretty impressive. With prices spiking to over US$2,700, people felt nothing could stop Bitcoin any time soon. Unfortunately, this sharp increase has come to an abrupt halt. Nothing can go up in value indefinitely, after all. However, the Coinbase exchange issues may have something to do with this pullback as well.
Coinbase Exchange Has Some Issues to Sort Out
It is evident buying Bitcoin remains a bit of a problem. Things only get worse when major exchange platforms suffer from ongoing issues. Coinbase has been a preferred exchange among cryptocurrency enthusiasts for some time. However, the past 24 hours have been somewhat problematic for the company. The site started suffering from performance issues, and it now seems orders are no longer getting filled.
The sudden demand for Bitcoin caught quite a few companies by surprise. Coinbase is not alone in this regard by any means. However, they are one of the biggest exchanges in the US. Once people hear a major platform has issues, they will start to panic sell. Trading based on emotions is always a bad idea. Due to some panic selling, a small landslide pushed the Bitcoin price down quite a bit. However, it looks like things are slowly starting to recover as we speak.
At the time of writing, Coinbase is still suffering from a partially degraded service. The front-end is operational, as is the API. However, card payments for both the US and Europe are still suffering from issues. This explains why some people can place an order yet have it canceled within minutes. It is unclear how long it will take to resume this service. Given the current price drop, a lot of people want to use a payment card for Bitcoin purchases.
Luckily, there are other exchanges to buy Bitcoin from. Not too many of the platforms accept card payments, though. For now, Bitstamp is a solid alternative for Coinbase users suffering from these problems. Once the company can get everything working again, the Bitcoin price may recover further. It is still at US$2,430 right now, though. These are still good times to buy Bitcoin. The upward momentum is still firmly in place, regardless of setbacks along the way.