Coinbase Exchange Crashes Spil Bitcoin Price Launches Past $Nineteen, 000
GDAX, the trading exchange subsidiary of Coinbase, crashed after the bitcoin price exploded past the $Nineteen,000 USD price point. This fresh surge is an unprecedented moerbout of FOMO (“fear on missing out”) that seemingly reflects an emerging wave of mainstream adoption.
The Herd’s Arriving?
At around 11:30 AM EST on December 7th, the bitcoin price exploded past the almost unbelievable $Nineteen,000 price point before Coinbase and its associated exchange GDAX – the most popular entry points for U.S. buyers – crashed for its users.
The BTC price shortly passed $19k before ripping off (unsurprisingly) merienda GDAX crashed.
Before the flash price surge, Bitcoin holders already had reason to be ecstatic, spil the price had already succesnummer a fresh all-time high of $17,000 just before shortly exploding past $Nineteen,000.
At press time, BTC is now lodging ter the $16,000 price range – a whopping thirty procent increase from just 24 hours ago.
Vanaf CoinMarketCap, three exchanges are driving the girth of the current price volume. They are Bitfinex ($1.96 billion), Bithumb ($1.8 billion), and GDAX ($1.25 billion).
Notably, the bitcoin price is still overheen $Nineteen,000 on Bithumb at press time.
Factoring te all other exchanges, the general bitcoin trading volume has now eclipsed $16.6 billion on the day. That puts the number one cryptocurrency’s market capitalization at overheen $275 billion for now.
Many said a day like this could never come. But now, many wonder what the days to come look like spil the birth of the age of cryptoeconomics seems decisively upon us.
Bitcoin could certainly retrace, even extensively, at any uur. But now that the crypto space has seen BTC at $Nineteen,000 on GDAX, there will undoubtedly be more “Bitcoin believers” coming out of the woodwork than everzwijn. And that’s good for the ecosystem going forward.
Coinbase and GDAX Fighting with “Hyper-Growth,” Says Coinbase CEO Armstrong
Coinbase and GDAX’s crashes today are reminiscent of the crashes the space witnessed overheen the summer and during late November this year, when fresh users exploded onto the sites like never before.
Ter a latest vraaggesprek on Bloomberg, Coinbase CEO Brian Armstrong spoke to the fights the exchanges are facing ter attempting to satisfactorily service a rapidly exploding user cojín:
“We are going through this period of growth that is almost never seen ter business. It’s truly difficult, to be fair, to keep up with this amount of request. Wij’re not servicing our customers to the level they deserve at the ogenblik. So that’s truly frustrating to see, but it’s my job from the top to ensure wij’re going to get there.”
Well, Armstrong’s certainly talking the right talk. Let’s hope he walks the right walk te the months ahead spil Coinbase proceeds to hire hundreds of fresh customer service agents into 2018.
*UPDATE: Coinbase is back online spil of around 1:30 PM EST.
What’s your take? Do you think the bitcoin price will succesnummer $20,000 by Christmas? Let us know ter the comments below!
Photos via GDAX, Steemit, movie via Bloomberg Technology