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Home Cryptocurrency news

Crypto Exchange Coinbase Fails To Stay Operating During Explosive Bitcoin Volatility

Tony Spilotro by Tony Spilotro
9 months ago
in Cryptocurrency news, Bitcoin
Reading Time: 2min read
crypto bitcoin coinbase crown
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The popular crypto exchange Coinbase has come under scrutiny recently by the greater cryptocurrency community, after widespread frustration over system outages during peak Bitcoin volatility has boiled over.

What’s causing the issues and why can’t Coinbase keep up with the meager crypto demand currently, and what does this mean for the next bull market if and when it happens?

Coinbase Can’t Seem To Keep Their Platform Stable During Bitcoin Volatility

Last night, Bitcoin price jumped by over $600 in less than an hour, just ahead of the first daily close of June 2020. Also during this time, the popular San Francisco based cryptocurrency platform experienced a system outage that left users unable to trade the volatility.

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What's wrong with Coinbase? pic.twitter.com/R6rwzHSgS3

— Zack Voell (@zackvoell) June 2, 2020

Volatility is what brings traders profits, so being unable to access the trading platform where they keep their Bitcoin makes the platform far less appealing.

Related Reading | Major Crypto Assets Are Preparing For Powerful Volatility Against Bitcoin 

Thus far, it’s remained amongst the most popular fiat on-ramps for US crypto investors, who dominate the lion’s share of the overall market.

The cryptocurrency community erupted in frustration, wondering why one of the most dominant and longest-standing crypto platforms can’t get its act together.

Speaking of a rigged system…you have one job to do @coinbase You’ve had years to fix it. #shameful #rigged #oneofthem #dumpcoinbase pic.twitter.com/GCUCG2xeoT

— RE₿ECCA ???‍♂️??♊️ (@I_Make_Lemonade) June 1, 2020

Traders everywhere voiced their annoyance over the lack of access, while analysts questioned why this was happening at all given the relatively low levels of interest in cryptocurrencies and Bitcoin at the moment.

How Will This Impact the Next Bull Market If The Most Popular Fiat Onramp Can’t Clean Up Its Act?

This wasn’t the first Coinbase outage in recent weeks, which has only added fuel to the fire of already upset traders.

What’s more concerning, however, is the fact that Coinbase can’t keep up with current levels, then how will they expect to support the influx of users during the next bull market?

Dear @coinbase, I ask this with much respect – How does an exchange with an $8 billion valuation crash every time Bitcoin pumps 5%?

I genuinely would like to know

— Crypto Capital Venture ⚡️ (@cryptorecruitr) June 2, 2020

Coinbase CEO Brian Armstrong was famously quoted for stating that bear markets are used to build for the next bull market.

“We use the down cycles to build a strong foundation so we can thrive in the next growth cycle,” he said, in a now-deleted tweet.

Somewhere along the lines, this effort to build may have been lost, and what remains is a platform that appears to be woefully underprepared for any increase in its userbase.

Related Reading | Crypto Confusion: Long-Legged Doji Across Altcoin Market Hints At Trend Change 

The crypto market is jam-packed with competitors, and leadership roles like what was seen with BitMEX can easily fall from grace. Coinbase remains one of the most important and popular fiat onramps in the crypto market, but if system outages continue to plague traders, the throne will soon be challenged.

Can Coinbase retain the crypto crown for the next bull market, or will system outages continue to leave them looking like the court jester instead?

Tags: bitcoinbtcusdBTCUSDTcoinbasecryptoxbtusd
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a digital media executive and global remote work leader with a decade of content experience and excellent. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter and feel free to drop me a line if you would like to work together.

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