Bitcoin rallied past $85,000, forcing $919 million in short liquidations, while Coinbase shares rose 3.5% despite a 70-minute platform outage during the peak of the market move.
Bitcoin climbed to an eight-month high above $85,000, triggering a massive $919 million liquidation of short positions. Amid the volatility, Coinbase experienced a 70-minute service outage that prevented users from trading, though the exchange confirmed that all customer funds remained secure throughout the disruption.
Coinbase has not disclosed the specific technical cause of the 70-minute outage that affected its website, mobile app, and Advanced Trade platform.
The surge past $85,000 triggered $919 million in short liquidations, including $557 million specifically tied to Bitcoin, as traders betting against the market were forced to close positions.