Coinbase Is Back Up!!!
So as many of you may know, Coinbase was down for the majority of this afternoon. It was due to a rise in high volume from the fall of Bitcoin and the rise of Etherium.
As the Bitcoin price fell more than 22 percent ($2965 to $2300) , investors rushed to sell the currency and either take their earnings, or buy Etherium (Etherium hit a new high of $408). This caused an influx of volume that Coinbase could not handle. On the other end of the spectrum, long term investors were rushing to buy the low price of Bitcoin (as seen in the rise afterwards). Due to this high volume, their site was forced to temporarily shutdown.
As of the time of writing this article, Coinbase is now back up and running. This goes to show that online wallets are never 100% secure. If there was any lesson learned today, it's to always have your money stored in a safe place (such as a ledger wallet or paper wallet), so if this ever happens again, you'll be able to quickly access it.
IMPORTANT NOTE: For those who didn't know, the mobile app for Coinbase was still working even when the website was down. You could still access your money!
Always make sure to double check any secondary sources when something like this happens. Have a backup plan and never invest what you aren't prepared to lose. Until next time, stay safe, and happy investing!
This was the best time to buy bitcoin for those who felt they missed the opportunity in April this was their chance to make some good cash! I know bitcoin will get back to $3,000 and sometime early next month hit somewhere like $4,000-$5000
You are very right. Smart investors buy when the price is down. No doubt there were many people that profited from the bounce
Will ethereum surpass bitcoin capitalization this week? Just now ETH is up 57% while bitcoin is down 1%
https://steemit.com/bitcoin/@discernente/bitcoin-dominance-plummeting
It is very possible. There are two big events that people should look for in regards to Etherium passing Bitcoin. The first is when Etherium's market cap passes Bitcoin and it becomes the #1 currency on coinmarketcap.com. The second is when Etherium's price becomes half of what Bitcoin's is. These two events are when you'll start seeing more investors switch over to Etherium and really disrupt the market. I believe this may be sooner than we think.