Cryptocurrency exchange Coinbase is facing high turbulence as bitcoin (EXANTE: Bitcoin) in a moment flash crashed down to $42 479 (BitMEX). Coinbase Support tweeted they are aware that transactions are delayed or cancelled at elevated rates. The exchange added that its team "is investigating the issue."
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Same game every time stopping people from buying the dip bullshit
— wahib faouzi (@AlexanderGonm) September 7, 2021
According to the exchange's status page, Coinbase is experiencing delays with USD wires due to "downtime by a server provider." The technical issues come as bitcoin dropped by over 14% in a few minutes, liquidating ~$257 million, according to CryptoQuant. As of press time, bitcoin is trading at the $47 052 mark. The cryptocurrency's market capitalization has decreased to $881 billion.
In the meantime, Union Investment, an investment arm of the DZ Bank Group and part of the cooperative financial services network, is planning to allow its private clients to invest in bitcoin and other cryptocurrencies as the Bundestag passed the bill that allows institutional clients with a minimum volume of €10 million euros put up to 20% of their balance sheet in crypto.
Portfolio manager, Daniel Bathe, said that the fund is considering adding bitcoins "in small amounts of 1% to 2% maximum to a handful of other funds for private investors."
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