Hacker News Board Hacker News, browsed like a classic message board
Live data from Hacker News

Coinbase outages

coinbase.com

Post reply on HN
Print view View original

31–40 of 310 posts

Re: Coinbase outages

#31

Post by jw1224 »

gardaani wrote: post #13

According to Binance, Bitcoin just went down from $42k to $30k in 2 hours. Elon Musk selling his cryptocurrencies??

Those following the GME saga believe it’s Wall Street banks scrambling to find liquidity in response to emergency rule changes by the OCC.

It’s fascinating stuff to follow — watch the VIX today, a measure of stock market volatility. It’s absolutely soaring already.

Re: Coinbase outages

#32

Post by throwaway_kufu »

ludamad wrote: post #22
bhaak wrote: post #11

Exchanges going down is the circuit breaker of cryptos.

It's also a circuit breaker for regular brokerages too :)

Except Crypto isn’t regulated like stocks, so what your likely seeing is the exchange themselves shutting off service to lock in their customers while the exchange liquidates its positions.

Re: Coinbase outages

#33

Post by dwringer »

yamrzou wrote: post #24
gardaani wrote: post #13

According to Binance, Bitcoin just went down from $42k to $30k in 2 hours. Elon Musk selling his cryptocurrencies??

He already did: https://twitter.com/elonmusk/status/1394001894809427971

He was responding to the "I wouldn't blame him" part - the following day he posted that Tesla had not sold any, and he's stated that they plan to accept BTC as payment in the future once more of the mining is transitioned to renewable energy. [0][1]

[0] https://twitter.com/elonmusk/status/1394170030741413888

[1] https://www.cnbc.com/2021/05/16/elon-musk-suggests-tesla-is-...

Re: Coinbase outages

#34

Post by afavour »

onlyrealcuzzo wrote: post #23
gardaani wrote: post #13

According to Binance, Bitcoin just went down from $42k to $30k in 2 hours. Elon Musk selling his cryptocurrencies??

The volume of Bitcoin is over $100B sometimes. It's over $75B in the last 24 hours. There are several days in the last month, according to Tether, with AT LEAST $500M of inflows. A single $1B of outflows shouldn't tank a market like this by 40%...

It’s what happens when the entire vehicle is speculation. I know the plan and the desire is for Bitcoin to be used as an alternative payment method but it isn’t fit for purpose. The people investing in it are doing so purely on a speculative basis, so you’d better believe plenty will cash out at the first sign of a dip.

Re: Coinbase outages

#35

Post by Tesl »

onlyrealcuzzo wrote: post #23
gardaani wrote: post #13

According to Binance, Bitcoin just went down from $42k to $30k in 2 hours. Elon Musk selling his cryptocurrencies??

The volume of Bitcoin is over $100B sometimes. It's over $75B in the last 24 hours. There are several days in the last month, according to Tether, with AT LEAST $500M of inflows. A single $1B of outflows shouldn't tank a market like this by 40%...

Crypto markets are manipulated AF, nobody knows how much the "real" volume is.

Re: Coinbase outages

#37

Post by shin_lao »

yamrzou wrote: post #24
gardaani wrote: post #13

According to Binance, Bitcoin just went down from $42k to $30k in 2 hours. Elon Musk selling his cryptocurrencies??

He already did: https://twitter.com/elonmusk/status/1394001894809427971

He clarified later that he did not. Let's not over estimate his tweets, other forces are at play.

Re: Coinbase outages

#38

Post by pc86 »

onlyrealcuzzo wrote: post #23
gardaani wrote: post #13

According to Binance, Bitcoin just went down from $42k to $30k in 2 hours. Elon Musk selling his cryptocurrencies??

The volume of Bitcoin is over $100B sometimes. It's over $75B in the last 24 hours. There are several days in the last month, according to Tether, with AT LEAST $500M of inflows. A single $1B of outflows shouldn't tank a market like this by 40%...

In this case the volume is pretty irrelevant. If nobody wants to buy at the current price, and there are people willing to sell for a penny less than the current price, the price will drop. $1B or $10B of outflows can have the same price movement.
Post reply on HN