Coinbase contributed to the fall of Bitcoin?
So I woke up this morning (PST) to a dropped Bitcoin value. Tried to log into Coinbase to buy some bitcoin while it was down low. But Coinbase was crashed. It was having issues yesterday as well. Got a message that I had to reverify my ID to even think of buying bitcoin (I've been buying from them for over a month). Took me all day to get my ID successfully loaded via my cell phone camera. So, in the meantime, bitcoin goes up $80.
Then I found an article that points out that as Coinbase's website crashed, the Yuan went up, and Bitcoin dropped.
An exert:
"There are several factors as to why this may have happened. First, the Chinese Yuan has risen somewhat, but also Coinbase's website went down at a certain point."
Also, you can check out Coinbase's Status Page:
Big bust in currency markets last night with China overnight yaun (CNY) rates rocketing as China pushes hard on currency controls. Big panic is going to take down websites that offer ways to avoid the bust. I suspect this is what happened to Coinbase.
Note the spike also this time last year. Annual currency allowances in China expire at the end of the year. new allowances open - and the authorities take action to slow the flows. No coincidence - see what happened to BTC price this time last year and the year before.
https://www.tradingview.com/x/Dj3vUMFO/
That's a very interesting trend. Thank you for sharing that with me.
Also, I found the Status Page for Coinbase and they said part of their issue was with PayPal Sell Orders.
https://l.facebook.com/l.php?u=https%3A%2F%2Fstatus.coinbase.com%2F&h=AAQGXpKTu
#bitcoin