The recent Coinbase app outage triggered a staggering $100 billion loss in Bitcoin (BTC) market cap within a mere 15 minutes. Though the issue has been fixed, the Coinbase outage brought massive volatility into the crypto market today. However, Bitcoin bounced back after the sudden downfall and sustained above the $62,000 mark.
Coinbase Outage Sends Shockwaves Through Crypto Space
According to a post on X by The Kobeissi Letter, between 12:15 p.m. ET and 12:30 p.m. ET on February 28, the Bitcoin price plummeted from $64,000 to $59,000, marking a nearly 9% swing. The pullback could be attributed to Coinbase being down as its users found themselves staring at a $0 balance in their accounts.
This disruption unfolded just as Bitcoin was just 10% away from a new all-time high, intensifying the shockwaves rippling through the cryptocurrency community. Moreover, the Coinbase outage…
