& 
return with another episode of Crypto Nights. With approximately $220 billion being wiped off the market cap in a matter of hours this weekend, we decided to answer the age old question of whether the Bitcoin bubble has finally burst.
Coinbase down amid Bitcoin plunge
But Before we go into this, we want to briefly raise our concerns over Coinbase. For those who don’t know, Coinbase is a digital currency who broker exchanges of Bitcoin, Bitcoin Cash, Ethereum, Litecoin with fiat currencies.
It will hardly come as a shock to hear that Coinbase was down for a couple of hours amid Bitcoins dip in value. Bitcoin dropped over 20% and yet again, Coinbase was unable to facilitate any people wanting to purchase any cryptocurrencies. Coinbase already has a poor reputation and seems to be doing absolutely nothing to improve this. How many times can they blame high traffic for crashing? It is a disgrace that a platform that boasts about it’s simplicity and popularity can continuously fail to perform.
Nobody is doubting Coinbase’s simplicity for those who are new into cryptocurrencies, but it cannot just keep crashing when people need it the most. We strongly recommend that you look for alternative platforms and watch our previous video on this topic.
Bitcoin bubble
For those who can recall our first episode of Steemit, we discussed discussed China’s ban on ICOs. As this news came out, you might remember that all cryptocurrencies suffered majorly in a way that was not dissimilar to what we saw on Friday (22nd December 2016).
If we look back even further, this is actually the fifth time that there has been a pull back of at least 30% for Bitcoin this year. The reason that this crash is gaining so much media attention and panic is because Bitcoin has become so much more popular over the last couple of months. Most casual traders have absolutely no idea about the other corrections over the last 12 months – by all means sell if you think this is the end but we have no reason to believe that it is. Naturally a loss of$220billion dollars in a single day is huge news, but you can hardly argue that such a pullback was unexpected in light of the bullish run that Bitcoin had been enjoying.
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