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Coinbase Repeats Pattern of Shutting Down When Bitcoin Gets Volatile

Another post about Coinbase shut down, this time by Turner Wright, at CoinTelegraph.com. Here, he reinforces that Coinbase has had four shutting down in last months when Bitcoin price became more volatile. Check it:

On June 1, when Bitcoin rallied from the $9,600s to $10,380 in significantly less than an hour, Coinbase customers attempting to access their portfolio had been met with a message that the site is “temporarily inaccessible.”

On May 9, two days prior to the halving of the anticipated reward, the cost of Bitcoin plummeted practically $2,000 in beneath 24 hours, likely due to a massive selloff by whales and other investors. On April 29, BTC rose almost 12% to reach the $8,600s. On each occasion, numerous Coinbase users after once more have been unable to trade any digital assets.

A lot of users from the biggest cryptocurrency exchange inside the United States have reported being unable to trade throughout these times of peak Bitcoin volatility.

But… why?

Coinbase’s status web page consists of updates on present outages, but cites practically nothing greater than “connectivity issues” for June 1, May 9, and April 29, and “network congestion” on March 12.

Twitter user CryptoWhale posted a chart to his 18,000+ followers on June 1 shortly after the current outage, speculating that Coinbase had a built-in algorithm to automatically shut it down anytime there was a BTC cost movement over $500.

Cointelegraph has reached out to Coinbase but didn’t receive a response at press time. We are going to update this short article if we hear back from them.

Click here to read more at CoinTelegraph.com.

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