JUST IN: Coinbase Down As Bitcoin Crashes Towards $8,000, Halving Fears?

By Lujan Odera
Published May 10, 2020 Updated May 10, 2020
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JUST IN: Coinbase Down As Bitcoin Crashes Towards $8,000, Halving Fears?

By Lujan Odera
Published May 10, 2020 Updated May 10, 2020

It has happened again.

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The skyrocketing price of Bitcoin (BTC) to $10,000 has been halted less than 48 hours to the halving leading to the collapse in Coinbase servers as an influx of sell orders floated on the platform. This is the second time in less than a fortnight that the exchange is fumbling the bag in processing large market movements.

Bitcoin collapses to $8,100, Coinbase crashes again!

The euphoria that has built up heading into the third halving must be a case of “sell the news” as the price of BTC is collapsing. Currently trading at $8,600, the sharp run towards $10,000 has been stopped in its tracks as the top crypto plummeted by 13% from Saturday’s highs of $9,900.

Image: TradingView

The dip comes less than 48 hours to BTC’s halving leading to questions on the miner capitulation and what the upcoming halving effects will have on BTC’s price. BTC/USD traded briefly in the $8,100 support levels on Coinbase leading to a crash on the platform as sell orders soared.

Could this be the shakeout before the bull run or a miner capitulation that will push deep into the year post halving? We will keep you updated.

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Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
Lujan Odera
396 Articles
Been in the field since 2015 and he still love everything blockchain and crypto! FC Barcelona fan. Author and journalist. Follow him at @lujanodera.

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