BTC Bitcoin Sell-Off and COIN Coinbase potential HackIf you haven`t bought BTC before the rally:
Then you need to know that today Coinbase's trading engine experienced a disruption during ETF trading hours, causing a significant impact on individuals actively trading Bitcoin on the platform and leading to a substantial drop in its price.
The aftermath of the incident saw the price recovery after ETFs purchased actual Bitcoin for the next trading day (T+1). However, questions arose regarding the cause of the price decline. While Coinbase's outage played a role, suspicions arose about other exchanges possibly exerting considerable selling pressure. The speculation was whether Coinbase was the main stabilizing force and if there were other irregularities in play.
Concerns escalated, leading to speculation about a potential Hack on Coinbase.
Users reported missing assets, and both phone and chat support were inaccessible during a critical market moment.
The situation highlighted the vulnerability of relying on centralized exchanges, emphasizing the importance of having control over one's private keys to ensure ownership and security of crypto assets.
The overall consequence was a market downturn, signaling a potential local top.
My Price Target for Bitcoin is $51K.
