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Coinbase appears to be deliberately leaving ...

Coinbase seems to be deliberately going on hiatus when bitcoin moves $ 500
CONTENT

  • Coinbase Disables Trading With Incredible Precision When Bitcoin Dips In Steep.

  • Users criticized the head of the exchange and the entire management.

  • The community believes the exchange is doing this on purpose.

International consortium of news organizations developing transparency standards.

The exchange was accused of deliberately suspending cryptocurrency trading whenever Bitcoin starts to experience volatility.

Coinbase appears to be deliberately leaving ...

The popular American cryptocurrency exchange Coinbase may use special algorithms to stop trading every time Bitcoin falls or soars at a price of more than $ 500.

Well-known cryptanalytic analyst at CryptoWhale came to this conclusion..

The analyst wrote on his Twitter page that the exchange probably has a built-in switch for disabling trading whenever Bitcoin price changes by $ 500 in a short period of time.

The published chart shows that the exchange went offline whenever Bitcoin experienced high volatility, namely on April 29, May 9 and June 1.

Stop-loss

Coinbase appears to be deliberately leaving ...

Recall that earlier Coinbase went on a technical break almost immediately, as soon as Bitcoin broke through the key resistance line at $ 10,000.

Less than an hour later, the crypto exchange started working again, but this did not stop the wave of criticism against the exchange and its CEO Brian Armstrong..

According to the DownDetector service, the technical failure of the exchange occurred from 2 a.m. to 3 a.m. local time exactly when bitcoin experienced a short-term rise in price..

Safety gate

Earlier, co-founder of crypto fund Morgan Creek Capital Jason Williams said that there is a reasonable explanation for the frequent departures for a technical break at Coinbase..

According to Williams, the exchange is deliberately hiding behind a platform outage, thus mimicking the insurance leverage used on traditional stock exchanges..

Coinbase is often criticized by the cryptocurrency community for its untidiness in playing the market..

So, although the exchange has the most stable relations with American regulators, it charges customers exorbitantly high commission costs for using the service..

At the same time, a huge amount of bitcoins in the amount of 966,230 units is stored on the Coinbase hardware wallet..

Coinbase appears to be deliberately leaving ...

At the time of this writing, this amount of bitcoins is equal to $ 9.2 billion.

What do you think? Is the exchange really going offline on purpose due to bitcoin surges? Share your thoughts with us in the comments and join the discussion in our Telegram channel.

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