Cryptocurrency has been touted as the currency for the future and many people have been investing in this digital money. As of now, there are thousands of cryptos globally. However, only a few of these are popular globally. As lucrative as a crypto investment can appear, it is very risky like every other investment. In fact, it is one of the riskiest investments that one can make if there is no proper understanding of how the market works.
There is currently a huge scare in the crypto market as digital currency prices seem to be falling across board. The current drop in cryptocurrency prices is quite unique. It is not a drop limited to Bitcoin or any other popular digital currency. All these currencies appear to be dropping in price simultaneously. Although there are usually some intermediate rises within the day, the closing price is usually lower than the starting price.
Coinbase website went down
According to reports, along with the decline in the price of digital cryptocurrencies such as Bitcoin, Coinbase, the largest digital cryptocurrency exchange in the United States, went down today. In this regard, Coinbase said in a statement: “We have found some problems with Coinbase and Coinbase Pro, and some functions may not work properly. We are currently investigating these issues and will provide an update as soon as possible.”
Due to the downtime of the Coinbase website and App, some users expressed frustration. This is because they see this period as a good time to invest. It appears to be a good time because the prices of digital cryptocurrencies are plummeting. Affected by this, in early trading today, Coinbase’s stock price fell 10%.
The data shows that, as the world’s largest digital cryptocurrency, the price of Bitcoin has fallen by 25% in the past 24 hours to $33,147. The price of Ethereum fell 37% to $2227. Furthermore, the price of Dogecoin also fell 37% to 33 cents. Nevertheless, as of the time of writing this report, the current price of Bitcoin is about $39,000 while Ethereum is trading for about $2600. The current fluctuation in prices appears that this is a good period to invest.
In addition to Coinbase, another trading platform popular with retail investors, “Binance” also announced this morning that it will suspend the withdrawal of some encrypted digital currencies.
Reminder: Cryptocurrency investment is risky, and you need to be cautious when entering the market. Digital currency investment has greater risks and unpredictability, and this article does not constitute any form of investment encouragement and advice.