Coinbase crashed as cryptocurrency markets went into free-fall Wednesday as Bitcoin, Ethereum and Dogecoin plunged to new lows and wiped billions off the markets.
Digital cryptocurrency Bitcoin suffered a massive drop in trading hours on Wednesday and bottomed out at the $30,000 dollar level before rebounding to $35,000.
Several influential YouTube channels covered the drop live including Crypto Rover who predicted the drop in price would bottom out at $30,000 dollars.
Bitcoin and other coins in the markets have been on a downward spiral in recent days after both Elon Musk’s tweets and the news that China is placing further regulations of Bitcoin in the country.
China has already seen Crypto as a no-go for many banks and retailers in the country and warned traders that they face consequences for using the Digital Currency.
Digital exchanges including Coinbase crashed Wednesday as the pressure of selling became extreme thanks to the FUD and bad news dominating the markets.
Several influential twitter users including Michael Saylor posted to say that they were NOT selling their coins and were holding for the time being.
Similar dips in the market were seen in 2017 when the coin plunged up to 28% but rose to new highs just a couple of weeks ago.
At 14:27pm GMT one of the biggest crypto websites, CoinMarketCap crashed and became intermittent as millions of users tried to check the price of the coins.
Ethereum suffered similar a drop but rose 40% as the price of the coin began to rise after the crash.
The lower price means many investors may now re-invest in the digital currency in the hope it now rebounds and achieves a price of the converted $100,000 target.
Many people on Twitter were posting that they were buying the dip and several people even messaged Tesla Boss Elon Musk to ask him that he thought of the coins position.
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