Bitcoin (BTC) Faces Market Panic Following Coinbase’s Unexpected Move

  • The largest cryptocurrency exchange in America, Coinbase, experienced a site crash, creating selling pressure on Bitcoin (BTC).
  • This incident, which occurred in the morning, had a significant impact on the cryptocurrency market, causing a decline in Bitcoin.
  • Bitcoin, which was trading at $62,765, plunged to $61,383 within a few minutes, resulting in a total loss of 2.20%. This naturally caused panic among investors, especially as it led to significant declines in the altcoin market.

America’s largest crypto exchange, Coinbase, crashes, causing a ripple effect on Bitcoin’s value and investor sentiment. This incident underscores the volatility of the cryptocurrency market.

News flow will be decisive for Bitcoin (BTC)!

Bitcoin, which has been pricing with market news for a while, did not surprise this time either. The leader of cryptocurrencies, which began to see heavy sales with the crash of the Coinbase site, managed to throw itself to $62,000. Currently trading at an intermediate price, BTC could test $62,757 – $64,318 – $65,452 and $67,107 respectively if the news flow turns positive or interest in spot BTC ETFs increases.

Possible Scenarios for Bitcoin’s Future

Large exits from spot BTC ETFs, the continuation of fud news, or the inability to start halving enthusiasm will push Bitcoin to decline. In such a scenario, it could retract to $60,613 – $59,075 – $57,353 and $56,550 respectively. Especially for BTC, the range of $57,353 – $56,550 will be decisive. If this region is lost, sellers could take the reins, triggering larger declines.

Conclusion

This incident serves as a reminder of the inherent volatility and risks associated with investing in cryptocurrencies. Investors are urged to conduct their own research before making any investment or trading decisions.

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Jocelyn Blake
Jocelyn Blakehttps://en.coinotag.com/
Jocelyn Blake is a 29-year-old writer with a particular interest in NFTs (Non-Fungible Tokens). With a love for exploring the latest trends in the cryptocurrency space, Jocelyn provides valuable insights on the world of NFTs.
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