Clearing the Air
The world of cryptocurrency is no stranger to rumors, especially when it comes to the policies of major exchanges like Coinbase. A recent rumor had it that Coinbase had set a $5,000-per-week limit on Bitcoin withdrawals, causing a stir among the crypto community.
A Viral Post Sparks Concern
On October 24, a post from a user on X (formerly Twitter) went viral, claiming a new withdrawal policy at Coinbase that capped Bitcoin withdrawals at $5,000 per week. The post garnered over 250,000 views, 420 retweets, and nearly 2,000 likes. Notable crypto researcher, Chris Blec, chimed in asking for verification on the claim.
Coinbase Responds
Reacting to the swirling rumors, a spokesperson from Coinbase clarified that the claims were “inaccurate”. There was no policy limiting Bitcoin withdrawals to a certain amount weekly. The spokesperson emphasized that withdrawal limits are primarily dependent on the payment method chosen by users, urging them to refer to the official policy on account limits and withdrawals for accurate information.
A Coincidental Hiccup
Interestingly, the rumor coincided with a minor hiccup on the Coinbase platform, which experienced a brief difficulty in processing trades on October 23, around 6 PM UTC. However, the issue was swiftly resolved within an hour, with Coinbase confirming the fix and continuous monitoring for any ongoing issues.
Market Frenzy
The temporary trading glitch occurred during a period of heightened trading activity across the crypto market. Bitcoin’s price shot up to a noteworthy $35,000, a price level unseen since May of the previous year, adding to the frenzy and speculation around Coinbase’s alleged withdrawal limit.
The Takeaway
In the fast-paced world of cryptocurrency trading, rumors can spread like wildfire, potentially impacting user trust and market dynamics. Coinbase’s prompt clarification on the withdrawal limit rumors highlights the importance of accurate information dissemination within the crypto community.
