Key Takeaways
- Bitcoin surged past $111,000 as Coinbase experienced downtime.
- Market sentiment was bullish, with social media celebrating the rally and institutional investors increasing ETF inflows.
- Coinbase outages are increasingly seen as bullish events by the trading community.
Bitcoin soared above $111,000 during early Asian trading hours on Thursday, coinciding with a period of downtime at Coinbase, the largest US-based bitcoin exchange.
Reports across X (formerly Twitter) highlighted that Coinbase suffered temporary connectivity issues.
Instead of concern, the event triggered widespread excitement and meme-driven optimism among bitcoin market participants.
As one popular X user wrote:
“Coinbase is down. OGs know what this means. Full…Send is loading.”
The sense of anticipation was echoed by Coinbase employees. Viktor Bunin, a protocol specialist at the company, stated:
“Fyi this tweet got shared in like 10 slack channels immediately as we had a collective ‘not again!’, but thankfully this time I’m pretty sure we’re only going down at $200k, not this measly pit stop.”
Sentiment
Sentiment remained positive as bitcoin quickly reclaimed the $111,000 level, reaching a new all-time high of $111,999 on Binance.
As of writing, bitcoin was trading at $111,172, up 2.5% in the last 24 hours.
Macroeconomic factors
The bullish environment was reinforced by macroeconomic factors, including signals from the Federal Reserve that a rate cut may be considered at the July 30 FOMC meeting.
Additionally, spot bitcoin exchange-traded funds recorded $218 million in net inflows on July 9, marking the fifth consecutive day of institutional accumulation.
Coinbase’s official account also posted a lone bitcoin symbol during the outage, which many interpreted as a bullish signal.
Meanwhile, some skeptics questioned whether the downtime was a recurring tactic during periods of high activity. Still, these disruptions have become a familiar part of bull market folklore, with many traders now viewing them as positive omens.
