- Coinbase exchange suffers backlog in Bitcoin withdrawals but buy and sell services are not affected.
- The challenge in withdrawals is attributed to network congestion that occurs mainly in bull markets, just like in 2017.
Bitcoin exchanged hands at its all-time high (ATH) but left 20,000 untouched on Monday. The skyrocketing prices are a great way to start the final months of the year. However, the leading cryptocurrency exchange in the United States, Coinbase, has reported similar delays in Bitcoin withdrawals identical to 2017’s bull market.
Coinbase withdrawals delay on the day Bitcoin hits all-time high
Network congestion during bull markets is not new to Bitcoin. Coinbase customers said they were experiencing delays in executing Bitcoin withdrawals as the flagship cryptocurrency rallied to its ATH for the first time since December 2017.
The cryptocurrency exchange cited network congestion in 2017 as it reported a backlog in Bitcoin withdrawals. Bull markets tend to be characterized by increased withdrawals, perhaps due to investors cashing out to take profits.
The delay in withdrawals in 2017 saw waiting periods of up to 12 hours before execution. At the time, Coinbase addressed the matter, saying:
Were experiencing delays due to a large number of bitcoin withdrawals. All funds remain secure. We understand this is frustrating for customers and will continue our efforts to process all these withdrawals as swiftly as possible.
Coinbase has also reported several issues amid busy trading periods in 2020. The challenges, mainly outages, have been rectified as soon as possible. It is not clear how long the current delay will last.
Bitcoin erases some gains after hitting ATH
The bellwether cryptocurrency has corrected to $19,630 after the impressive bullish momentum lost steam before hitting $20,000. Bulls are focusing on establishing higher support, preferably above $19,000. The bull market seems poised for more price action, eyeing $22,500 if the critical hurdle at $20,000 is broken.
BTC/USD 4-hour chart
On the flip side, the bullish outlook will be invalidated if Bitcoin fails to find support above $19,500 and $19,500. Besides, the TD Sequential indicator might present a sell signal on the 4-hour chart in the coming sessions. If sell orders increase, Bitcoin could spiral to test the 50 Simple Moving Average.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Crypto Today: BTC, ETH, and XRP lead $1.4B capitulation on Black Monday as FTX denies $2.5B claims
Cryptocurrencies nosedived over the weekend, shedding over $300 billion since Friday. What some traders on social media are terming crypto’s Black Monday, losses come after an initial positive decoupling on Thursday, when US stocks crashed after China announced 34% retaliatory tariffs.
Bitcoin hits new yearly low below $75,000 as global trade war escalates
Bitcoin price extends its fall by 4% on Monday after correcting near 5% the previous week. The global trade war escalated, wiping out 452,976 leveraged traders and causing a total liquidation of $1.39 billion from crypto markets in the last 24 hours.
Dogecoin shatters $0.15 support as ‘Black Monday’ bloodbath fears surge
Dogecoin tumbles over 10% on Monday, slashing $3.73 billion from its market capitalization to $19.78 billion. CNBC host Jim Crammer warns of global markets’ bloodbath if US President Donald Trump stays intrasigent.
Solana Price Forecast: Bears gain momentum as SOL falls below $100
Solana (SOL) extends its loss by over 7% and falls below the $100 mark at the time of writing on Monday after crashing 15.15% last week. Coinglass data shows that SOL’s leveraged traders wiped out nearly $70 million in liquidations in the last 24 hours.
Bitcoin Weekly Forecast: Tariff ‘Liberation Day’ sparks liquidation in crypto market
Bitcoin (BTC) price remains under selling pressure and trades near $84,000 when writing on Friday after a rejection from a key resistance level earlier this week.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.