The June 1 outage occurred with an increase in page traffic when Bitcoin was about to break the resistance at $ 10,000. Similar to the BitMex failure a few months ago, this caused a lot of frustration among users. A few days later, one of the most famous users, the “Black Swan” author Nassim Taleb, left the stock exchange.
Coinbase punished by users?
On June 7, Coinbase users took 22,000 more bitcoins off the wallet than they deposited. The value is approximately $ 214 million. According to Glassnode, Coinbase has only had one major outflow in the past. This was on July 28, 2017 when 22,500 BTC drained. However, the price at that time was only $ 2,785. In US dollars, it was a much more moderate event, as Bitcoin worth only $ 63 million was removed from the stock market.
Coinbase still holds almost a million bitcoin, more than any other exchange. Therefore, this recent incident could have little impact on the stock market. However, considering how BitMex lost its leadership position, Coinbase would do well to fix its scalability issues so as not to further drive out its users. Black swans appear when you least expect them.