Bitcoin hits $64,000 before sharply retreating as Coinbase crashes

Bitcoin hits $64,000 before sharply retreating as Coinbase crashes

By Benson Toti - min read
  • Bitcoin price hit highs of $64,100 on Coinbase, surging double-digits.
  • BTC however fell sharply as Coinbase users reported issues with account balances.
  • Coinbase CEO Brian Armstrong noted the exchange had recorded a spike in traffic.

Bitcoin price crossed the $64,000 mark on Wednesday February 28, to hit its highest level since October 2021. The top cryptocurrency’s value rose more than 12% in the 24 hours to hit highs of $64,100 on Coinbase.

However, prices fell sharply to touch lows of $58k as $100 million in BTC liquidations hit the market in one hour. Over the past 24 hours, total liquidations across the crypto market reached over $630 million – with Coinglass data showing short sellers rekt for over $355 million and longs for $280 million.

The $6,000 dip happened as users reported problems with their Coinbase accounts – balances showed $0. Coinbase support did acknowledge the problem, noting that its team was investigating the matter.

Coinbase founder and CEO Brian Armstrong acknowledged the surge in traffic the exchange was seeing.

What next for Bitcoin?

BTC, which has jumped nearly 50% in the past 30 days, spiked to the multi-year high to come within 5% of its all-time high of $69,000. At today’s peak, Bitcoin had doubled from levels seen in October 2023 when it broke above the $30,000 level.

The momentum that carried bulls high this week has coincided with a massive influx of money into spot Bitcoin ETFs. The SEC’s approval of spot ETFs in January helped push BTC above $50k and the record volumes seen this week have added to the impetus.

Only this week, BlackRock’s IBIT recorded a staggering $1.3 billion in volume.  Today, the spot ETFs were up to $2.6 billion with just half the day of trading data in. Bloomberg ETF analyst Eric Balchunas shared this on X.

The market anticipates Bitcoin price may pull back ahead of the halving. Currently, Bitcoin is hovering around the $60k level.