14/04 Market Recap: Market Fluctuates Amid Coinbase Issues, Biden Blocks Chinese Crypto Firm


Bitcoin experienced a significant surge, adding over $2,000 to its value in a single day. This increase was short-lived, however, as it faced a setback due to technical difficulties reported by Coinbase. This hiccup led to a decrease in Bitcoin’s price, which dropped to $61,400 before making a slight recovery. Despite this, Bitcoin’s market cap has seen a decline, and its dominance over altcoins remains strong but challenged at 54%.

Amid this volatility, altcoins have been making headlines, particularly meme coins, which have seen notable gains. Once again leading the pack is Pepe, up 8% today, and not only reentered the top 30 altcoins but also hit a new all-time high, marking an impressive achievement. Floki also continued it’s run with a 5% gain today, while WIF cooled off with a 10% loss.

On the other hand, most altcoins haven’t fared as well, with WLD experiencing a 14% drop to go under $5, TON dropping 8% to $665. Overall, the total crypto market cap has taken a hit, dropping below $2.4 trillion after a $40 billion decrease in a day.

Coinbase users reported ongoing withdrawal issues despite the platform announcing a resolution to a system-wide outage. The outage, lasting over three hours, affected the website, mobile app, and API, with users unable to send crypto or withdraw fiat. Many customers took to social media who encountered messages indicating that transactions were still disabled. Despite Coinbase marking the issue as resolved by 07:42 am UTC, they acknowledged ongoing connectivity problems. The exchange has not yet explained the outage’s cause or any potential compensation plans.

President Joe Biden ordered a Chinese-backed cryptocurrency mining firm to sell its land near a Wyoming nuclear missile base, calling it a national security risk. The firm, MineOne Partners Ltd., must also remove some equipment from the site. This order aligns with the U.S. planning new tariffs on Chinese imports like electric vehicles and semiconductors. Both Biden and former President Donald Trump, his expected Republican opponent, have promised to be tough on China. The order was coordinated with the U.S. Committee on Foreign Investment, which reviews corporate deals for national security threats.