2024-02-28 20:34:00
© Reuters
Investing.com – The price fell from a high of $63,780 to a low of $58.8k in minutes before bouncing back and is now at $60,192 per coin at time of writing.
The decline came in the candle at 20:00 Riyadh time after many traders on the Coinbase exchange reported that their accounts were liquidated to zero, according to data from the Coinbase application, without knowing. Which prompted a strong wave of selling and turmoil. Before it became clear that it was caused by a technical malfunction.
Many Coinbase users wrote about their shock after discovering that their account had dropped to zero, but as the complaint spread, it became clear that the matter resulted from a technical malfunction and not individual cases of theft or liquidation.
Coinbase CEO Brian Armstrong told Nasdaq that the outage was the result of massive pressure on Coinbase’s networks, which harmed the platform’s technology.
At the same time, Coinbase stock fell from a peak of $212 to $197 in moments before rebounding to $201.7 at the time of writing.
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