Users have been reporting issues with Coinbase all day.
These issues include not be able to access the site and not being able to access funds.
As of this moment Coinbase listed the following message
" Coinbase is currently down for maintenance. Please try again later or see our status page for more information."
This is yet another reminder of why you should not keep any significant amount of crypto in an online exchange or wallet.
This latest outage may also give us some clues as to what is going on behind the scenes in the world of crypto.
This outage comes at a time when the markets are in a sea of red, are people panic selling?
I think it is more likely that some big investors are seeing this as an entry point.
I posted an article today entitled "Max Keiser: Hedge Funds Will Send Bitcoin to $5,000" , one of the points I make in the article is that when large investors decide to enter the market there will be a lot of people trying to get through a small door.
In a world of negative interests rates, bad bonds and an arguably overvalued stock market, everyone is searching for value. Recently the crypto space has enjoyed a boom, this is certain to attract big investors and when it does I believe my words will ring true...
"This could be one of the factors that will cause a price explosion in the sector if these ETFs get approval. A lot of money will be trying to squeeze through a very small door."
The original quote is from another one of my articles pertaining to the financialization of crypto specifically ETFs. I do not think this scenario is limited to an ETF approval, we could be witnessing an example of how small the door really is.
Remember just a few weeks ago Coinbase Ceo Brian Armstrong made the following tweet...
— Brian Armstrong (_armstrong) May 26, 2017
.@coinbase had 40,000 new users sign up in *one day*, or approximately one San Francisco Giant's Stadium. pic.twitter.com/tqvpqVguVQ
The crypto train is on the move, are you on board?
