Bitcoin hits $64,000 earlier than sharply retreating as Coinbase crashes

• Bitcoin value hit highs of $64,100 on Coinbase, surging double-digits.
• BTC nevertheless fell sharply as Coinbase customers reported points with account balances.
• Coinbase CEO Brian Armstrong famous the trade had recorded a spike in visitors.

Bitcoin value crossed the $64,000 mark on Wednesday February 28, to hit its highest stage since October 2021. The highest cryptocurrency’s worth rose greater than 12% within the 24 hours to hit highs of $64,100 on Coinbase.

Nonetheless, costs fell sharply to the touch lows of $58k as $100 million in BTC liquidations hit the market in a single hour. Over the previous 24 hours, complete liquidations throughout the crypto market reached over $630 million – with Coinglass knowledge exhibiting quick sellers rekt for over $355 million and longs for $280 million.

The $6,000 dip occurred as customers reported issues with their Coinbase accounts – balances confirmed $0. Coinbase help did acknowledge the issue, noting that its group was investigating the matter.

We’re conscious that some customers may even see a zero steadiness throughout their Coinbase accounts & might expertise errors in shopping for or promoting. Our group is investigating this & will present an replace shortly. Your property are secure.
You may monitor this incident at https://t.co/a3pl4WiDhZ

— Coinbase Assist (@CoinbaseSupport) February 28, 2024

Coinbase founder and CEO Brian Armstrong acknowledged the surge in visitors the trade was seeing.

We’re coping with a LARGE surge of visitors – apologies for any points you encounter. The group is working to remediate.

— Brian Armstrong 🛡️ (@brian_armstrong) February 28, 2024

What subsequent for Bitcoin?

BTC, which has jumped almost 50% previously 30 days, spiked to the multi-year excessive to come back inside 5% of its all-time excessive of $69,000. At at this time’s peak, Bitcoin had doubled from ranges seen in October 2023 when it broke above the $30,000 stage.

The momentum that carried bulls excessive this week has coincided with a large inflow of cash into spot Bitcoin ETFs. The SEC’s approval of spot ETFs in January helped push BTC above $50k and the file volumes seen this week have added to the impetus.

Solely this week, BlackRock’s IBIT recorded a staggering $1.3 billion in quantity.  At present, the spot ETFs had been as much as $2.6 billion with simply half the day of buying and selling knowledge in. Bloomberg ETF analyst Eric Balchunas shared this on X.

JEEZ: Solely midway by means of buying and selling day and New 9 bitcoin ETFs have already damaged their all time every day quantity file w/ $2.6b. We acquired 4 btc ETFs in Prime 20. $IBIT is #4 general, it is gonna commerce extra at this time than in its first two wks mixed. That is formally a craze. pic.twitter.com/Wqez1rKrCg

— Eric Balchunas (@EricBalchunas) February 28, 2024

The market anticipates Bitcoin value might pull again forward of the halving. At present, Bitcoin is hovering across the $60k stage.