Coinbase Outage Sparks “Full Send” Speculation as BTC Hits New All-Time-High

Bitcoin (BTC) has surpassed the 111,000 USD mark in the early hours of the Asian trading session on Thursday. However, investors might have anticipated this, amid a familiar situation - Coinbase experiencing a connection issue.

As the major US exchange encountered a temporary connection problem, the Twitter cryptocurrency community exploded with predictions of a seemingly imminent major price surge.

Coinbase Downtime Stimulates Price Surge Fever

Reports on X (Twitter) showed that Coinbase Exchange experienced an issue in the early hours of Thursday. However, contrary to typical investor reactions, cryptocurrency market participants remained optimistic whenever such incidents occur.

"Coinbase is down. Veterans know what this means. A big price surge is coming," wrote CryptoCurb, a prominent X user.

This user joined the long list of community members capturing the humorous energy of the moment, and the enthusiasm quickly spread across cryptocurrency circles.

The sentiment was not panic but excitement, as Bitcoin reclaimed the psychological 111,000 USD level within a few hours.

At the time of writing, this pioneering cryptocurrency was trading at 111,172 USD, increasing nearly 2.5% in the past 24 hours. It reached a new All-Time-High (ATH) on the Binance exchange after peaking at 111,999 USD.

Meanwhile, Coinbase employees also joined the fun. Viktor Bunin, a protocol specialist at the company, responded with humorous optimism.

The market context supported this enthusiasm, with the price surge occurring just hours after the FOMC minutes on Wednesday signaled a potential rate cut in the July 30 meeting.

Similarly, on July 9th alone, Bitcoin spot ETFs saw net inflows of 218 million USD, marking the fifth consecutive day of institutional accumulation. Ethereum was not far behind, with 211 million USD in net inflows and increasing attention from US asset managers.

"Coinbase is down, while BTC has 4 billion USD in ETFs today. Crazy! Seems like a big price surge is coming! Get ready," another user commented.

Adding to the intrigue, Coinbase posted a mysterious tweet during the issue, displaying a single Bitcoin symbol without explanation or annotation. For veteran traders, this signal was crystal clear.

However, skeptics questioned the timing, speculating that this is typically a calculated move by Coinbase during increased activity.

"Coinbase always 'goes down' when there's a bit of activity. You'd think they do it intentionally... After all this time and resources, you can't tell me they don't have an IT team capable of maintaining operations," a user challenged.

Nevertheless, the recurring issue has become part of the market legend of Coinbase's price surge amid coinciding activity increases. For many traders, Coinbase's issues are now seen more as price surge omens than infrastructure failures.

The sentiment around Bitcoin seems more reflexive than ever. Whether coincidental or not, the reaction to this latest exchange issue reflects a market craving further growth.