Bitcoin (BTC) surged over $111,000 early in the Asian session on Thursday. But investors may have seen this come amid the familiar twist Coinbase down.
With temporary connectivity issues in major US exchanges, Crypto Twitter has highlighted the predictions of large gatherings that are likely to be happening in real time.
Coinbase downtime fuels bullish frenzy
A report on X (Twitter) shows that Coinbase Exchange suffered downtime early on Thursday. However, contrary to the typical investors’ response, crypto market participants remained optimistic whenever such an incident occurred.
“Coinbase is down. Ogs knows what this means. Full…Send is loaded,” writes Cryptocurb, a popular user of X.
Users joined the long list of community members who captured the energy of moments memes, and enthusiasm quickly spread throughout the cryptography circle.
Emotions were excitement, not panic, and Bitcoin prices had regained a psychological level of $111,000 within hours.
At the time of this writing, Pioneer’s code traded at $111,172, an increase of nearly 2.5% over the past 24 hours. After topping for $111,999, I reached the new all-time high (ATH) on the Binance Exchange.
Bitcoin (BTC) price performance. Source: Beincrypto
Meanwhile, Coinbase employees also joined the fight. Viktor Bunin, the company’s protocol specialist, responded with tongue optimism.
The market background supported enthusiasm, surgening just hours after Wednesday’s FOMC minutes showed potential rate cuts at its July 30th meeting.
Similarly, on July 9 alone, Bitcoin Spot ETF saw a net inflow of $218 million, marking its fifth consecutive day of institutional accumulation. Ethereum wasn’t too late, with a net inflow of $211 million and a growing attention from US asset managers.
“Coinbase is down, but BTC has a $4 billion volume in ETFs today. It’s absolutely psychological! Huge transmissions are inbound!
Bitcoin ETF volume and daily net inflows. Source: SosoValue
In addition to the plot, Coinbase posted mid-downtime for a mysterious tweet, showing the only Bitcoin symbol without descriptions or captions. For veteran traders, the signal was clear.
However, skeptics questioned the timing and speculated that each surge in activity is often a calculated move by Coinbase.
“Coinbase always “down.” If you have a little activity, you should think you’ll do it intentionally. After all this time and resources, it cannot be said that the IT team cannot do it. ”
Still, repeated downtime has become part of Coinbase’s bull market folklore amid a surge in activity. For many traders, Coinbase glitches are now viewed as bullish precursors rather than infrastructure obstacles.
The emotions around Bitcoin look more reflexive than ever. Responses to the latest stumbling of exchanges, whether coincidentally or not, reflect a market that is hunger for further benefits.