Bitcoin is Struggling to Deal with Challenges
On September 1, the major cryptocurrency revisited weekly lows as the new month got underway with a fizzle rather than a bang. The BTC/USD fell to $46,530 on Bitstamp overnight, its lowest since August 27. With $50,000 out of reach, price action continued to separate “remarkably” from strong on-chain metrics and fundamentals. Analyst Willy Woo also thinks that a large pool of support at current levels is likely to hold Bitcoin where it is. Notably, more than 1.65 million BTC has a cost basis between $45,000 and $50,000.
This week, the area around $51,000 remains active as a “final hurdle” resistance level for Bitcoin. It is widely expected to crumble in the mid-term, but the exact timing of such an impulse move is a mystery.
Investors appeared ready to go on the day, with Bitcoin reserves on the main crypto exchange Coinbase at their lowest since December 2017 and almost $20 billion in stablecoins sitting across centralized trading platforms ready for conversion.
Coinbase, its customers, and Bitcoin
The major U.S. crypto exchange is giving Bitcoin worth $100 to clients after it sent them a notification alerting them to a change in their security settings. Now, the company is trying to please its customers by giving them money.
Some people who got the notification will get $100 in Bitcoin according to Coinbase. The crypto exchange has not specified how many customers will get $100 in Bitcoin. The cost to the crypto exchange if all 125,000 received the handout would be more than $12 million.
It makes sense to learn about that minor issue. The company accidentally sent emails to thousands of Coinbase’s users by email or text message. Coinbase informed them that their two-factor authentication settings had been changed.
Its email sparked fears among customers that someone hacked their accounts. Usually, only individuals can reset their two-factor authentication settings. Over the weekend, the crypto exchange revealed interesting details regarding the issue. Its clients received the alert message due to a problem with its notification system and not to malicious behavior. Coinbase resolved the issue and said it recognized the situation damaged its reputation. The major crypto exchange is working hard to make cryptocurrencies more popular around the world. So, it made the correct decision when it decided to reveal the details about the incident.
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